There are a variety of reasons for making sure your estate plan is up-to-date.
Although many people think that estate planning is only for the wealthy, that premise is not really true. Investopedia defines estate planning as “the collection of preparation tasks that serve to manage an individual's asset base in the event of their incapacitation or death, including the bequest of assets to heirs and the settlement of estate taxes.”
I have seen various definitions for what make a trust a “Living Trust,” Most of the time, one will simply defines a Living Trust as a trust made by the person who is called a Trustor or a Grantor during his or her lifetime.
Step Three: Don’t panic. However, pretending all of this stuff in Part One and Part Two in this series will just go away, is not the answer. Get the facts. Make educated choices. Some people come into my office with wide, bloodshot eyes and tears running down their faces.