Why Make A Will or Living Trust?

Question: “Is estate planning important for me? I hardly have an estate!”

Answer: You don’t need to have a lot of real estate or millions of dollars to need estate planning. Your estate consists of everything you own at the time of your death, including your home, personal property, bank accounts, investment accounts, and interests in a business. Some people want simple wills and others want living trusts for various reasons. If you die without wills or living trusts, state intestacy law will govern how your assets are distributed, and your state’s intestacy law may not provide for what you want.

What is a power of attorney? What is a living will? The other reason estate planning is important is to make your choice legally binding of who can handle your financial affairs in the event you are incapacitated and make healthcare decisions in the event you cannot communicate — in other words, complete your durable power of attorney and healthcare power of attorney. You may also want a living will which speaks your decisions as to life support.

Let iWillandTrust create your entire estate plan, attorney-reviewed and customized, for one reasonable flat fee by clicking Begin!

Estate Planning

Do I need an estate plan?

what is a power of attorney living will living will definition what is a living will medical power of attorney what does power of attorney mean

YES
If you are a single adult, your estate plan will designate who (or what charity) you want to receive your assets in the event of your death. Your estate plan will also govern who makes medical decisions if you can’t communicate, and who should manage your finances (i.e., use your checkbook to pay your bills) if you are incapacitated.

YES
If you are a pet owner, your estate plan might leave a specific gift of cash to the person who will provide a loving home to your pet in the event of your death.

YES
If you are married or have a partner, your estate plan may provide for each other in the event of one death, and govern what happens to both your assets in the event of both of your deaths. Your estate plan will also state who, after your spouse/partner, should make medical decisions for you if you cannot communicate, and who, after your spouse/partner, should manage your finances (i.e., be able to use your checkbook to pay bills) if you are incapacitated.

YES
If you have minor children, your estate plan will name who you would want to be your children’s guardian (the person who would be responsible for caring for and living with your children) in the event of your death. Your estate plan may also include a trust, which may state how and when you want your assets distributed to your children. Your estate plan will also state whom you want to make medical decisions for you if you cannot communicate, and who would manage your finances if you are incapacitated.

YES
If you have adult children, your estate plan will state how you want your assets distributed to them. Your estate plan will also state whom you want to make medical decisions for you if you cannot communicate, and who would manage your finances if you are incapacitated.

YES
If you are a retired adult, your estate plan will designate who you want to receive your assets in the event of your death. It will also state who makes medical decisions if you can’t communicate, and may include a “living will,” which is a healthcare document stating you do not want to be on life support if you are terminally ill and life support is the only thing postponing your moment of death.

People who can Benefit from having an Estate Plan

Will v Trust

YES If you are a single adult, your estate plan will designate who (or what charity) you want to receive your assets in the event of your death. Your estate plan will also govern who makes medical decisions if you can’t communicate, and who should manage your finances (i.e., use your checkbook to pay your bills) if you are incapacitated.

Living Trust

YES If you are a pet owner, your estate plan might leave a specific gift of cash to the person who will provide a loving home to your pet in the event of your death.

Living Will

YES If you are married or have a partner, your estate plan may provide for each other in the event of one death, and govern what happens to both your assets in the event of both of your deaths. Your estate plan will also state who, after your spouse/partner, should make medical decisions for you if you cannot communicate, and who, after your spouse/partner, should manage your finances (i.e., be able to use your checkbook to pay bills) if you are incapacitated.

Will Cost

YES If you have minor children, your estate plan will name who you would want to be your children’s guardian (the person who would be responsible for caring for and living with your children) in the event of your death. Your estate plan may also include a trust, which may state how and when you want your assets distributed to your children. Your estate plan will also state whom you want to make medical decisions for you if you cannot communicate, and who would manage your finances if you are incapacitated.

family trust

YES If you have adult children, your estate plan will state how you want your assets distributed to them. Your estate plan will also state whom you want to make medical decisions for you if you cannot communicate, and who would manage your finances if you are incapacitated.

will template colorado

YES If you are a retired adult, your estate plan will designate who you want to receive your assets in the event of your death. It will also state who makes medical decisions if you can’t communicate, and may include a “living will,” which is a healthcare document stating you do not want to be on life support if you are terminally ill and life support is the only thing postponing your moment of death.

iWillandTrust is NOT right for you if:

  • If you want to do an estate plan without your spouse’s or partner’s knowledge, or one that is substantially different from your spouse’s or partner’s, iWillandTrust is not right for you. With iWillandTrust, you and your spouse/partner will have a "reciprocal" or "mirror image" estate plan.
  • If your net worth is over the estate tax exemption amount, iWillandTrust is not right for you.
  • If you need a special needs trust, iWillandTrust is not right for you.
  • If any of these apply to you, you should visit an attorney in person to have an estate plan prepared.

Single Estate Planning

$399 per person

    BEGIN       

Couple Estate Planning

$599 per couple

    BEGIN       

Living trust vs will - what’s the difference?

WILL vs TRUST