The process of creating a comprehensive estate plan might seem intimidating. After all, so much is at stake for you and your loved ones when it comes to preparing for the future. Yet estate planning doesn’t have to be an insurmountable challenge. In fact, it’s relatively easy if you break it up into small objectives and tackle them one by one. The following guide will answer common questions to help you get started. 

Top Estate Planning FAQs

What should my estate plan include?

Since everyone's situation is different, it probably comes as no surprise that every estate plan is, too. Even so, there are a few essential documents that all estate plans should have. These include a last will and testament, a living will, and any applicable powers of attorney. 

What’s the difference between a last will and a living will?

A last will and testament is the document that most people associate with estate planning. In this document, you’ll bequeath property to loved ones, establish guardianship of any minor children, and state last wishes regarding the funeral and burial. A living will, on the other hand, is a document detailing your preferences only regarding end-of-life care. 

Do I need to create a trust?

Trusts essentially allow you to transfer property while still alive, so the assets involved don’t have to pass through probate upon death. Probate courts make records available to the public, so bypassing probate through a trust will protect your family’s privacy. Trusts also reduce your family’s tax burden when settling the estate. Whether you should include such an arrangement in the estate plan depends on your particular situation. A qualified attorney will help you decide if this option is right for you. 

Can I change my will if necessary?

As long as you’re of sound mind, you can change your will as needed. In fact, it’s wise to review your estate plan periodically to ensure it is up-to-date. Otherwise, its terms may not actually be in the best interests of those you care about most. 

If you’re ready to start estate planning, turn to Louis C. Noto. Based in Rochester, NY, this seasoned attorney has been practicing law for more than 48 years. Whether you have questions about wills and trusts or health care proxies, rely on his vast knowledge and experience for the answers. To explore all the legal services he offers, visit his website or call (585) 232-1815 to schedule a consultation.