In this process, you will hear the term “estate plan”. This is, at minimum, a will and a trust.
A will simply instructs others what to do when you pass and can be a pour-over document in case you didn’t add things to your trust (title, transfer, etc).
A trust can help you avoid probate, tax, and determine how to handle the money that is left behind.
The whole idea of having an estate plan is to direct other people you trust, with legal support and structure, on what to do with your assets and how to carry out your intentions and support your heirs after you pass.
The preamble to your Family Trust is your Family Constitution. It’s the key to passing on more than just wealth, in your own words, not legalese. It’s a compilation of your life lessons, gained wisdom, and is the space where you share your key insights, philosophies and where you capture your core values.
In a previous lesson, you defined legacy and what it means to you. The following questions will support you in further establishing the building blocks of your legacy.