Articles by Oakleigh Wealth
The Five Major Decisions of Every Estate Plan
Estate Planning is an essential component of your overall financial plan. It allows you to gain some control over aspects of your life both during your lifetime and after your death.
Five major decisions go into each estate plan. Those decisions are described below, along with examples and a description of people in your life that may be up to the task.
Will vs. Trust
One of the most common questions I get around estate planning is, “What is the difference between a will and a trust?”
There are a few similarities but a lot of differences, too. In both cases, these documents are a part of your Estate Plan – to have a complete Estate Plan, there are also powers of attorney for medical and financial purposes and other documents needed.
Whether a will-based or trust-based estate plan is right for you depends on your specific wishes and the contours of your financial situation.
You need a will, but do you need a lawyer?
Estate planning can be an uncomfortable subject. Most of us would prefer not to think about our demise, so we avoid it. Or, you may not know where to start, and the added hurdle of finding a lawyer has led you to put off creating or updating your will. But, like most people, you probably don’t need a layer to make a will.
