It's to be expected that younger generations haven't set up estate plans as thorough as senior generations. Our awareness of mortality changes with age. Considering that preconception about age, a recent study shows that a surprising amount of Americans lack wills in all demographics.
Advantages of a living trust
Choosing between a will and a living trust depends on your personal preferences and what goals you want to achieve through estate planning. Some people do not think a trust is an option because there is no turning back. However, there are options to undo the trust later if needed. It is important to know that there are some distinct benefits to getting a trust. Learn about the benefits of a trust over a will.
3 things you need in every will
Planning for the future is an important part of keeping your family and your assets both safe, and estate planning is the time when you plan for the eventuality that everyone must face, by deciding exactly how your assets will be distributed after death. Your will does more than that, though. It also gives you the opportunity to plan out how you will provide for those closest to you after you are gone, and to name the people you trust to properly handle your final debts and conclude the final business of passing inheritances on to your beneficiaries. If you are looking to put together your first will, there is a short list of items you need to include, no matter who you are.
