SimplyTrust Knowledge Base

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 changes create ripple effects 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.

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: 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 is 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.