The process of anticipating and preparing for the transfer of a person’s wealth and assets during his or her life. Estate planning typically attempts to eliminate uncertainties over probate administration and maximize the value of your estate.
Put Simply: estate planning is making a plan in advance that names whom you want to take care of your loved ones and whom you want to receive your things after you die.
Your Will controls distribution of your property at death. It is written while you are alive and carried out once you have passed. Wills typically require the involvement of the Probate Court.
A Revocable Trust is created to manage your assets both during your lifetime and at your death. It permits you to reduce or eliminate estate taxes and to avoid probate. It can provide for minor children and individuals with special needs. Benefit of Revocable Trusts include protecting the privacy of your estate plan, and you retain complete control of your assets during your lifetime.
If you die without a will or trust, you've in effect left it to state law to write your will for you. That means the state will make certain assumptions about where you'd like your money to go—assumptions with which you might not agree.