Do I need a Will or Living Trust?

Question: “Do I need a Will or Living Trust? I hardly have an estate!”

Answer: You don’t need to have a lot of real estate or millions of dollars to need a will or trust. 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 a will or living trust, 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 allow you to 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?

Do I Need a Will or Living Trust 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 should make medical decisions for you if you cannot communicate, and who 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 or persons 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 should make medical decisions for you if you cannot communicate, and who 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 or persons 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 california and 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 for everyone

The attorneys who use iWillandTrust have determined that certain situations are not appropriate for this process, and that you should consult an estate planning attorney in your state for advice if one of these situations applies to you!

  • If you and your spouse are not going to have identical or reciprocal wills.
  • If you and members of your family previously consulted an attorney for estate planning advice, and now only one or some of you want to change the plan.
  • If your assets exceed the federal estate tax exemption which is $11.2 milllion per person as of January 1, 2018.
  • If you have been advised to obtain a special needs trust.

Single Estate Planning

$399 per person

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Couple Estate Planning

$599 per couple

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Living trust vs will - what’s the difference?

WILL vs TRUST