Plan for the Unexpected: Wills and Trusts Made Simple
Hi, I’m Daphne Munro, your Smart Shopper, and today I’m thrilled to share key insights from my recent podcast with Chris Payne, a local estate attorney. We discussed a vital topic often overlooked: the importance of wills and trusts.
We work our entire lives to build wealth, support our families, and create a legacy. But without proper estate planning, the courts—not you—could decide who receives your hard-earned assets. Chris broke down the essentials of wills and trusts, explaining how they protect your family, save money, and avoid the costly and time-consuming probate process.
What Happens Without a Will or Trust?
If you don’t have a will or trust, your assets automatically go through probate—a court-supervised process to distribute your estate. This can be expensive, public, and stressful for your loved ones. Without a will, the court decides who gets what, following legal statutes rather than your wishes.
Key Differences Between Wills and Trusts
- Will: A roadmap for distributing your assets after death. However, it goes through probate, making it a public document.
- Trust: A private, flexible plan to distribute assets and manage them if you’re incapacitated. It avoids probate, providing faster and less expensive results for your heirs.
Chris emphasized that trusts are particularly beneficial if you own property, have life insurance, or have minor children. While a trust requires a higher upfront cost, it offers significant long-term savings and control.
Take Control of Your Legacy
Chris shared a personal story about the unexpected loss of his son at just 20 years old—a tragic reminder that life is unpredictable. Estate planning isn’t just for the wealthy or elderly; it’s a gift of clarity and care for your loved ones, ensuring they’re protected no matter what.
If you’re unsure where to start, Chris recommends at least drafting a basic will or consulting an attorney for personalized guidance. Tools like LegalZoom or state-specific forms are a great starting point, but professional advice is invaluable for more complex situations.
Get a hold of Chris directly head to his website Paynelesslaw.com
