What are some essential tips for estate planning?

What are some essential tips for estate planning?

Here are some essential tips for estate planning: 1. Start early, 2. Create a will, 3. Consider trusts, 4. Review beneficiaries, 5. Plan for taxes.

What is the difference between a will and a trust?

A will outlines how your assets will be distributed after your death, while a trust can manage your assets during your lifetime and after.

How often should I update my estate plan?

You should review and potentially update your estate plan every few years or after major life events, like marriage or the birth of a child.

What happens if I die without a will?

If you die without a will, your assets will be distributed according to state laws, which may not align with your wishes.

Can I do estate planning on my own?

Yes, you can do estate planning on your own, but it's often advisable to consult with a legal professional to ensure everything is valid.