Heres a quick and helpful article on the broad reach of preparing your estate - at any age - with references to some good resources. An excerpt: Despite common advice that a living trust is better than a will because you don’t need to go through probate — the court process that inventories and distributes a person’s property after death — that’s not necessarily true, said Sally Hurme, an elder law attorney with AARP. “The benefits of trusts are overplayed and the disadvantages of probate are exaggerated,” said Ms. Hurme, who is author of the forthcoming “ABA/AARP Checklist for My Family: A Guide to My History, Financial Plans and Final Wishes.” “There are certain circumstances when trusts are appropriate, such as if you have out-of-state real estate or a family business that will continue to be run,” she said. Otherwise, she said, a will is fine. If you have any doubt, it’s best to research it further or consult a lawyer. If you decide to write up a will without a lawyer, using online forms, for example, be sure you do it right; a badly executed will can be worse than none at all. That’s what Lisa Kinsman’s sister found out after her husband was killed in a plane crash when he was 28. “He had drawn up a will just before he left on the trip” that claimed his life, Ms. Kinsman, of Larchmont, N.Y., said, “but he had filled out some things incorrectly, so all his property would have ended up going to his sister instead of his wife.” She had to go through a lengthy court process to get what would have gone to her without any will.
Posted on: Wed, 24 Sep 2014 18:34:11 +0000