Most people understand that a will is one of the most important types of estate planning documents.
At a simple level, it can accomplish several goals within your estate planning, such as naming a guardian for any minor children and determining what happens to your property. However, it may depend on whether or not you also need a trust in connection with your will. If your estate is under a certain amount, you might not need a trust, but you should always work directly with an estate planning attorney to discuss these options. You may choose to opt out of a trust if your assets could be passed on to your chosen beneficiaries through beneficiary designation or payable transfer on death designations.
A trust could be beneficial, however, if you own property in multiple different states. You may not be sure whether or not your situation arises to the level of needing both a trust and a will.
The truth is that estate planning is highly personalized and contextualized to your underlying needs and goals. This means you need to work with an outside professional, such as an estate planning attorney who has extensive experience in this field. An estate planning lawyer can help you list out all of your assets and liabilities and then drill down into what you hope to accomplish with your estate plan.
From this point forward, you can understand whether or not a will is sufficient to accomplish your baseline goals or whether you need to consider additional tools, such as a trust. You will leave your estate planning lawyer’s office with a greater perspective on what your estate plan should look like and the opportunities to adapt and revise that plan as needed over the course of your life.
Talk to our NH estate planning office for more help in outlining your comprehensive estate plan.