SimplyTrust Knowledge Base

A: Contesting a trust or a will can be a challenging process emotionally, legally, and financially for all involved. Whether someone is questioning the validity of a loved one’s trust or their will, it’s essential to understand the unique processes involved. (And what makes a trust legally binding.) Because each case is unique. Generally speaking, however, contesting a trust is harder than contesting a will.

A: Funding a trust simply means transferring ownership of your assets into the trust. Before you fill it, the trust is just an empty bucket. To make the bucket useful, you need to fill it with your belongings—whether those are tangible items like real estate or intangible ones like financial accounts. Once in the trust, you can manage these assets how you want.

A: Simply put, they are legal arrangements that set aside funds and instructions for your pet’s care if you’re no longer around to provide it yourself. Think of it as estate planning for your pet—but without the complicated legal jargon or the need for opposable thumbs.With them, you can:1. Designate a trusted caregiver for your pet.2. Allocate funds to cover food, medical expenses, grooming, and even treats.3. Provide detailed care instructions (because nobody else understands your fur baby like you do).The trust ensures these instructions are legally binding, so you know your pet will get the care they deserve.

A: Trusts are like a Swiss Army knife for estate planning—they can hold a surprisingly wide variety of items. Whether it’s your Tesla, your typewriter, or your tuxedo collection, trusts are flexible enough to handle it. So, what goes in trusts? Just about everything but the kitchen sink (and honestly, maybe that too).

A: 1. To Ensure AccessibilityDigital assets often require passwords, two-factor authentication, or encryption for access. When you include digital assets in trusts, you enable the trustee to access and manage them according to your wishes. Without proper documentation, family members may face legal and technical roadblocks.2. To Preserve Sentimental ValueFamily photos, email accounts, or personal blogs hold emotional significance. Including them in your estate plan ensures they remain accessible to loved ones.3. To Avoid Financial LossCryptocurrency, online businesses, and other financial digital assets can be valuable. Including them in a trust prevents these assets from being overlooked or lost.4. To Maintain PrivacyWithout a clear plan, some digital assets may default to public or uncontrolled access. A trust keeps your digital footprint private, even after you’re gone.

A: Estate planning might sound intimidating, especially when you've already retired. Breaking it into manageable steps makes the process much easier: 1. Taking inventory of assets.2. Creating or updating a will.3. Considering a trust.4. Assigning powers of attorney.5. Reviewing beneficiary designations.6. Planning for long-term care.

A: Life is full of changes, and each one can ripple through an estate plan in unexpected ways. Regular reviews of estate plans—particularly after major milestones—help ensure they reflect current circumstances and future goals. Whether it's estate planning for millennials or estate planning in retirement, a thoughtful, adaptable plan can provide peace of mind and safeguard the well-being of loved ones, no matter what life brings.

A: A trust is like a magic box where you stash assets. You hand over control of the box to a trustee (someone you trust, get it?), and they follow your instructions for managing and distributing what’s inside. Because the trust owns the assets, they’re not part of your “probate estate,” so they don’t have to go through the probate process (with a couple of exceptions, such as vehicles).

A: Here’s the revocable trust vs. will gist: wills are simpler and cost less upfront, but they’re public and go through probate. (Note: pour-over wills are a bit different. Here's a short wills vs. pour-over wills breakdown.)Revocable trusts are private, avoid probate, and let you manage your assets during your lifetime, but they require more effort to set up. (Contesting a trust is also a bit harder than contesting a will.)Think of wills as a one-time roadmap, while revocable trusts are a flexible, ongoing management tool.

A: Millennials, putting off estate planning until later in life is tempting, but there’s a lot of benefits to starting estate planning early:1. Emergencies Happen: Accidents or sudden illnesses don’t discriminate by age. Having a plan ensures your loved ones won’t have to make tough decisions under stress.2. Tailored to Your Needs: A good estate plan evolves as your life does. Starting early gives you time to adjust your plan as you acquire new assets, relationships change, or your goals shift.3. Cost-Effective: Starting small and building over time can save you money compared to scrambling for a comprehensive plan later.

A: A revocable trust is a legal arrangement where a person (the trustor) places assets into a trust while maintaining control over them during their lifetime. As the name suggests, a revocable trust can be altered, amended, or even revoked entirely as long as the trustor is alive and competent.Think of it like a customizable safety deposit box. The trustor can add or remove items, and they hold the key to make changes anytime they want. The trust ensures that their assets go where they want them to without probate—a lengthy court process for distributing a person’s estate.

A: Estate planning shields individuals and families from unnecessary stress, financial burdens, and legal challenges. By prioritizing this process, you take control of:1. The distribution of assets (including life insurance).2. Who makes critical decisions on your behalf.3. The future care of your loved ones (even pets).Estate planning doesn’t only protect assets—it empowers you to shape your legacy, care for your family, and prepare for life’s uncertainties. Whether you want to secure your healthcare decisions, bypass probate, or support your children’s future, planning gives you the tools to protect what matters most.

A: Witnesses in trusts and wills validate proper execution of the estate planning documents and the sound mind and willingness of the person creating them.Example: A witness is an added layer of security for estate planning documents like wills or trusts.

A: It's the process of organizing your financial and personal affairs according to your wishes. This includes managing assets, naming beneficiaries, and preparing legal documents like wills and trusts. Contrary to common misconceptions, estate planning isn’t just for the wealthy or elderly. It’s a proactive step anyone can take to safeguard their loved ones and their assets.