Do I need a will or a trust?
Most people need both. A will designates who gets your assets and names guardians for minor children, but it must go through probate (a public court process). A revocable living trust avoids probate entirely, keeps your affairs private, and allows assets to pass immediately to your beneficiaries. For most families, a trust-based plan offers far greater control and efficiency.
What is probate and why should I avoid it?
Probate is the court-supervised process of settling a deceased person's estate. It's public record, can take 6–18 months, and costs 2–5% of your estate in attorney fees and court costs. A properly funded living trust allows assets to pass directly to beneficiaries — bypassing probate entirely, saving time and money.
What happens if I die without a will or trust?
If you die intestate (without a will), your state's default inheritance laws determine who gets your assets. This can result in unintended heirs, delayed distributions, and family conflict. Minor children may have their inheritance controlled by the court until they turn 18. Estate planning gives you control over these decisions.
How often should I update my estate plan?
Review your estate plan every 3–5 years, or after any major life event: marriage, divorce, birth of a child, death of a beneficiary, major asset purchase, moving to a new state, or significant change in net worth. An outdated plan can be as harmful as no plan.
What are beneficiary designations and why do they matter?
Beneficiary designations on retirement accounts (401k, IRA), life insurance, and annuities override your will. If you named an ex-spouse as beneficiary on your IRA 20 years ago and never updated it, they would receive those funds regardless of what your will says. Beneficiary review should be part of every estate plan.
What is a Power of Attorney and Healthcare Directive?
A Financial Power of Attorney names someone to manage your finances if you're incapacitated. A Healthcare Directive (or living will) specifies your wishes for medical treatment and names a Healthcare Agent to make decisions on your behalf. Without these documents, your family may need to go to court to get authority to help you.
How does Legacy Wealth Services assist with estate planning?
We partner with Trust & Will (trustandwill.com) to provide online estate planning documents at a fraction of traditional attorney costs. We also coordinate beneficiary reviews across all your insurance and investment accounts, and we can refer you to local estate attorneys for complex situations.
How does life insurance fit into an estate plan?
Life insurance is one of the most efficient estate planning tools available. It can provide immediate liquidity at death, equalize inheritances among heirs, fund a buy-sell agreement, or replace wealth consumed by estate taxes. We help you integrate your life insurance portfolio with your overall estate plan.
What does estate planning cost?
Through our Trust & Will partnership, basic wills start around $199 and comprehensive trust-based plans around $499 — a fraction of traditional attorney fees. Complex estates or business succession planning may require full attorney services, which we can coordinate.