Many of us have thought about protecting our loved ones in the awful event of becoming severely incapacitated or dying. You may have thought about various aspects of estate planning such as protecting property for certain family members, the management of that property or reducing the associated tax burden. Two common tools that are associated with estate planning are a will and a living trust. Even if you're in your 30s, and especially if you have a family, you may want to create a will or a living trust to give you piece of mind. What are some of the key differences between these two devices?
According to an AARP poll, 40 percent of Americans over the age of 45 do not have a will. Reasons the forty percent supply for the delay include balking at the thought of contemplating their mortality or struggling with filing paperwork on their own. While it may be a time-consuming and emotionally-draining activity, drafting a will is a task adults should complete to reduce anxiety for both themselves and their beneficiaries. Visiting an estate planner can help individuals to navigate a path through the labyrinth that appears when determining inheritance, beneficiaries and executors.