Do I need an estate plan?
Yes. Estate planning is important for nearly everyone, regardless of income or net worth. A thoughtful estate plan can help ensure your assets are distributed according to your wishes, provide guidance for loved ones, and address important decisions if you become incapacitated. Estate planning is not just about wealth transfer. It's about protecting the people and values that matter most to you.
What's the difference between a will and a trust?
A will outlines how you want your assets distributed after your death and can name guardians for minor children. A trust is a legal arrangement that can help manage assets during your lifetime and after death while offering additional flexibility and potential probate advantages. The right approach depends on your family situation, goals, and the complexity of your estate.
Do I need a trust if I already have a will?
Not necessarily, but for some families a trust can provide benefits that a will alone cannot. Trusts may help streamline the transfer of assets, maintain privacy, and provide greater control over how and when assets are distributed. We help clients understand the role each document plays and work with their estate planning attorney to support a coordinated strategy.
How often should I update my estate plan?
Estate plans should be reviewed regularly and after major life events such as marriage, divorce, the birth of a child, retirement, relocation, or significant changes in assets. Even if nothing major has changed, reviewing your plan every few years can help ensure it continues to reflect your wishes and current laws.
How do beneficiary designations affect my estate plan?
Beneficiary designations on retirement accounts, insurance policies, and certain financial accounts generally take precedence over instructions in a will. That's why it's important to review them regularly and ensure they align with your overall estate plan. Coordinating beneficiary designations with your broader financial strategy can help avoid unintended outcomes and provide greater confidence that your wishes will be carried out.
*Streamlined Wealth Planning and LPL Financial do not provide legal advice or services.
