Estate planning is a process that involves people. People in your family, other individuals, and in many cases charitable organizations of your choice. Estate planning also involves your assets and all various forms of ownership and title that those assets may take. There are many things to consider when planning your estate including: how your assets will be managed, when certain assets will be transferred to others, and to whom those assets will pass.
A living trust is a written legal agreement between the individual creating the trust and the person or institution named to manage the assets held in the trust. In many cases, it is appropriate for you to be the initial trustee of your living trust, until management assistance is anticipated or required. To find out if you should consider trust management download the pamphlet.
A will is a legal document, drafted and executed in accordance with state law, which becomes irrevocable at your death. In your will, you can name: your beneficiaries, a guardian for your minor children, or an executor -- a person or institution of your choice that collects and manages your assets as well as pays your debts, expenses and any taxes that might be due. Information on wills can be found in the pamphlet.