Many individuals believe they do not need to, nor do they want to, go through the process of setting up a will, trust or other general estate planning tasks, as death does not seem to be imminent.  “Contrary to popular belief, estate planning is not just something you should do when you are old and sick.  Everyone should have a plan in place regardless of age and the conditions of your health and wealth,” says Phillis Sax Pilvinis, retirement planning specialist and recognized industry leader, and president and owner of PSP & Associates.

Consider Pilvinis’s following six tips to setting up a comprehensive estate plan to help protect your estate, assets, children, and legacy and to ensure what is left to your loved ones is what you originally intended.

1.) If you are single and over the age of 18, consider a…
Will (last will and testament): This is a written document which leaves your estate to named persons or entities, including portions or percentages of the estate, specific gifts, trusts for management and future distribution of all or a portion of the estate. A will typically names an executor to manage the estate as well as states the authority and obligations of the executor in the management and distribution of the estate and sometimes gives funeral and/or burial instructions. Assets in a will can include real estate, cars, bank accounts, stocks and bonds.

If you are in a relationship but unmarried, you should consider…
Adjustments to your will: If you are in a relationship but unmarried, be sure to 1) set up a will, if you haven’t already, if you want your life partner (unmarried) to inherit your possessions OR 2) update your will to include your unmarried life partner, otherwise it will go to your closest relatives as directed by state law. 

Trust: A trust is a legal entity that can hold title to property for the benefit of one of more persons or entities. Contrary to popular belief, trusts are not just for the affluent. Setting up a trust is an excellent way to control what happens to your estate, regardless of its size, to prevent the frustrating and expensive probate process.

2.) If you are married, consider…
Living Trust:  One of the most valuable benefits of a living trust is that it allows for ease in transition of your estate and outlines how you would like your affairs handled if you become incapacitated. You and your spouse are typically the primary beneficiaries of the trust with beneficiaries, such as children, named after your deaths. A living trust allows you to retain control of your assets as long as you are able to manage your own affairs. In a trust you are able to address all of your significant property in one document and the desired transfer/distribution of your property upon your passing. When set up properly, a living trust can protect your estate from probate, the process a will may undergo to prove its validity, and potentially save thousands of dollars in attorney fees to settle the estate, as well as time.

3.) If you have children, consider…
Guardianship: In order to prevent confusion as to who will take care of your child or children after your passing, it is important to establish guardianship of your children in the event of you and your spouse’s passing, which can be done in a will.  Have a qualified advisor help you think this decision through, since it can have a huge impact on the lives of your children.