What Estate Plan is Right for You?
Have you ever wondered whether a will or a trust is right for you? Take this quick quiz to find out which plan might work best for you and your family.
LEGAL DISCLAIMER: This quiz was prepared by Laurann J. Kirschner, an attorney at Galowitz Olson, PLLC. While based on common scenarios that come up in practice, the only way to truly determine the correct estate plan for you is by consulting with an attorney. This quiz is not intended to provide, and in no way constitutes, legal advice. By taking this quiz, you are not forming an attorney-client relationship with Galowitz Olson or any attorney. This quiz is provided for general information purposes only.
What is your relationship status?
Do you own any real estate?
How important is avoiding probate to you?
Who do you want to inherit from you when you die?
Do you have any concerns about your intended beneficiaries receiving money?
Are any of your intended beneficiaries disabled, under the age of 18, have substance abuse issues, or otherwise engage in behaviors which raise concerns for you around money? Would you want to control how and when certain beneficiaries receive their inheritance?
Do you have any interests in a business?
Including closely-held businesses, LLCs, family farms, etc.
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Simple Will
Maybe avoiding probate is not a priority for you, or maybe you can avoid probate by simply keep your beneficiary designations updated. Either way, a simple will ensures you have a plan in place if probate is needed. Remember, wills do not keep people out of court, they simply tell the court what to do. If you do not own any real estate, can name beneficiaries on all of your accounts, and don't have any concerns about how and when your beneficiaries receive money, a simple will may be sufficient.
A power of attorney for finances and a health care directive are also important parts of any estate plan. These documents ensure you are taken care of accoding to your wishes during any times of incapacity.
Revocable Living Trust
Revocable living trusts offer maximum flexibility, while keeping your loved ones out of court. Revocable living trusts are private, amendable by you over time, and tailored to your individual needs. Because of their versatility and utility in keeping people out of court, revocable living trusts tend to be the best plan for most people. Trusts are especially helpful to those with a blended family, business interests, large estates, or those wishing to dictate when and how beneficiaries will receive payments from the trust.
A power of attorney for finances and a health care directive are also important parts of any estate plan. These documents ensure you are taken care of accoding to your wishes during any times of incapacity.
Simple Will with Transfer on Death Deed
You will be able to avoid probate court by completing your beneficiary designations. A simple will acts as a safety net in case something unexpected arises and probate is needed. A transfer on death deed will transfer your real estate to your intended beneficiary automatically upon your death, avoiding the need for probate to transfer the property.
A power of attorney for finances and a health care directive are also important parts of any estate plan.
Contingent Trust Will
You may not benefit from a full revocable living trust now, but you wish to protect your kids if the unimaginable happened. Contingent trust wills do the important job of instructing the court who you would want as guardians of your children if you and their other parent passed, and says when and how your children should receive money from your estate.
A power of attorney for finances and a health care directive are also important parts of any estate plan.