The lawyer answer is “it depends.” Wills and trusts are some tools that we use to help you and your family reach your estate planning goals.

The choice of the tool to use depends on your goals, so understanding your goals is necessary in order to choose the right tool. When you understand what goals are possible (goals that you might not know now), you are in a position to make good informed decisions. Our role is to teach you about your options so that you can make your best decisions. Through this process you will lead us to what tools best make your vision a reality.

This is a great question. We need personal and financial information about our clients and personal information about those persons who you intend to name as “helpers” in your estate plan. Helpers are people who will carry out your instructions when you aren’t there to manage your affairs. It is helpful to know how you own your assets (how they are titled). It is helpful to get this information to us early in the planning process to prevent delays later on. We provide a form (paper or electronic) and list of items to bring to our first meeting together.

A will or a trust are documents that contain instructions for your chosen people to follow. These instructions are usually much clearer after counselling, and different people make decisions differently. There is no “standard” will or trust document sitting on our word processor waiting for your name to be typed in. Our fees are very competitive and reflect the quality of time and value of the counselling process. Nobody pays one penny until all fees are fully disclosed for all three stages of planning: creation of the plan, maintaining the plan, and settlement of the estate; and you have had time between appointments to think about it. This is the only way you can make an informed, confident, and competent decision. The method of calculating fees is explained during a free orientation event.

A living will is also sometimes called an “advance medical directive” and is a set of medical directives to healthcare professionals made by a person while competent that is to be used in the event that the person should become incapacitated or be in an end-stage medical condition, i.e., a terminal condition or a state of permanent unconsciousness.

A living trust is created by an individual during his or her lifetime. The settler of the trust often manages the trust and will retain the rights designated in the trust. The use of a living trust does not typically save death taxes unless it is created as an irrevocable trust.

Many estate plans do not require a trust. However, trusts are often essential to ensure the proper management of property left to individuals who are minors, disabled or irresponsible. Trusts — such as credit shelter trusts, disclaimer trusts or irrevocable life insurance trusts — can also significantly reduce the death taxes of larger estates.