Perhaps you have decided that you are ready to plan your estate. What is the first step?
The first step is to decide who should get what. Often this will be laid out in your will. But, in most cases, a living trust can help manage assets and avoid probate costs. However, this does not always work, as the trust itself can incur costs. If you have dependent children, then you should discuss with your spouse who should become their guardian if both of you were to die. This person is often named in the will and may also administer any property the children inherit until they come of age. Unless there is need for an institutional trustee, Estate planning and asset protection becomes a delicate balance that is unique for every client based on their individual desires and assets.