Do I Need a Will or a Trust?

All estate plans include a Last Will and Testament - a document in which you can name the beneficiaries of any assets you own in your sole name at the time of your death.  A will also passes through probate (a word which many people find scary, but means that the estate administration process is overseen by a court).  A revocable trust is an alternate way to administer your estate.  You create the trust and retitle your assets to be held by the Trustee that you name (you can act as your own Trustee) during your lifetime.  A properly funded trust will allow your beneficiaries to skip the probate process as well as giving you an easy management tool for your assets during your life.