OVERVIEW OF ESTATE PLANNING DOCUMENTS
Wills—bequeaths property as you decide rather than the State.
Distributes property in accordance with your directives. Without a Will, a Probate Court will distribute your property according to the rules of descent.
A separate list of personal property can be included that designates heirlooms and keepsakes to specified individuals, thereby avoiding family infighting.
If parents still have minor children, they designate the Guardian of their children rather than leaving it to a probate judge to make that decision. A trust can be created with a family Will, which will safeguard funds for surviving children.
Revocable Trust—avoids delays, costs and attorneys fees of probate court
An individual or spouses (called the Grantor(s) transfer property to the Trust (the Trust can be revoked at any time prior to death, hence revocable).