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Key components of estate planning

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Regardless of your income or net worth, estate planning is a crucial part of your financial plan. Planning ahead gives you more control, privacy, and security of your legacy. For this week's discussion, we're going to look at the key components of estate planning.

1. Do you have a simple will, a will with a testamentary trust, or a living trust? If yes, did you use an attorney or did you use an online form to set it up yourself? If no, do you think you need a will or trust?

2. What benefits does a trust offer that a simple will does not? Do you think the cost of setting up a trust is worth it?

3. When setting up a will or trust, you can designate an executor to carry out the terms of your will. Do you think it's best to designate a relative to be the executor or is it better to have a third party, such as a bank or attorney act as the executor? Why?

Reference no: EM133173745

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