Trust, Will and Estate Management

Yes. A will is a legal document where you:

• name guardians for children and/or pets
• direct how you want your money and property distributed
• express your preference for your final arrangements

It won’t go into effect until you pass away. Most wills go through probate court to make sure your wishes are followed.

A trust is an account you set up while you’re alive to hold your assets; it doesn’t replace a will. It will go into effect as soon as it’s set up, but you control how and when assets are distributed. You’ll appoint someone to manage the trust and distribute assets according to your instructions, which could help your heirs avoid probate and lower their tax burden. Trusts can also help protect you if you become disabled or incapacitated.

Like a will, you can name guardians and declare your preferences for final arrangements. But, trusts can be more complicated and costly than wills—partly because of fees for set-up, continual management and other services.

An estate plan sets out your wishes for once you pass away or become unable to make your own decisions. Some of the more common documents an estate plan might include are a will, trust, guardianship documents, financial powers of attorney and advance directives for medical decisions, also known as a living will.

It’s likely, yes. If you don’t have an estate plan, especially a will, a probate court will make those decisions and divide your estate according to state law—which may not be in your family’s best interest. Plus, when you have an estate plan, your heirs won't have to guess things like:

• how you’d want things managed or distributed
• who should have guardianship of your children
• what you want to happen if you’re unable to make decisions for yourself
  

Yes. Everyone should have a will. Whether you need a trust depends on:

• how large or complex your estate is
• the needs and abilities of your beneficiaries
• how soon you want your wishes to go into effect
  

No. Hiring an attorney is one option for creating a will or trust. There are also online services like Trust & Will that provide templates you can customize to create them yourself. But, if your situation is complex and/or your estate is large, it may make sense to consult an attorney.

Members Trust and Trust & Will are our exclusive partners and have teams of experienced trust services professionals that can help you put the tools in place to plan for your family’s future.