Everyone in Washington State knows that mortality is real and someday they will die. Despite this fact, a great many people still have not taken the steps to create an estate plan. For some, this might be out of a fear of facing their humanity as people are often raised to fear death. For others, the avoidance of making an estate plan can be due to a lack of knowledge about where to start. This is understandable as there are many options when it comes to making a good estate plan.
As explained by CNN Money, there is often confusion about wills and trusts and which one to use when. There may be circumstances in which having both a will and a trust benefits people. One example is for people with minor children. A trust can provide direction on what happens to assets like a home and a will can establish guardianship of the children should the parents die while the kids are still young.
Kiplinger notes that not everyone needs a trust based on their assets. People who do not own homes or have expansive real property holdings, for example, may be served well by a will alone. People who are in second or subsequent marriages might find that a trust is useful as they may have unique opportunities to provide for both their biological children, their new spouse and their stepchildren.
Other important estate planning tools include documents that provide others with the ability to manage finances and make health care decisions if a person is ever unable to do so for themselves.