What is an Estate Plan?
Everyone needs to get their affairs in order at some point in their lives. And “everyone” does not mean “only rich people”. If you have family or other loved ones, then planning for the latter part of your life becomes essential.
You’ll want to have a plan in place in the event you suffer a serious illness and need someone to be making decisions for you. You’ll also need to decide who should receive your assets when you die.
In general, people require some kind of an estate plan, and if you own a home, then that estate plan will center around a living trust. A living trust is designed to pass your assets to your loved ones as you planned and eliminate the delay and cost of probate.