Estate Planning
Wills, trusts, and protecting your legacy
Get answers to your estate planning questions — from basic wills to complex trust strategies.
Common Questions About Estate Planning
Recent Estate Planning Questions
View allStep-up in basis at death - how does it affect inherited stocks and real estate?
My mother has stocks she bought in 1985 for $10k that are now worth $400k. She's been afraid to sell because of the capital gains. I've heard if she leaves them…
Beneficiary designation mistakes that could destroy your estate plan
My estate planning attorney mentioned that beneficiary designations on life insurance and retirement accounts override everything in a will. What are the most c…
Power of attorney vs healthcare proxy vs living will - what documents do I need?
My attorney is recommending I get a package of documents: durable power of attorney, healthcare proxy, living will/advance directive. I'm 45 and healthy. Do I r…
Gifting money to kids - what are the 2025 annual exclusion limits and tax implications?
I want to start giving money to my adult children and grandchildren now rather than through my estate. I've heard about the annual gift tax exclusion. What is i…
How does a trust fund actually work - can I set one up without an attorney?
I want to create a trust fund for my children (ages 8 and 11). I don't want them to get the money all at once when they turn 18. I've heard I could set terms li…
Probate in California - how much does it cost and how long?
Mom passed away in California with $400k estate. No trust, only will. How much will probate cost? How long does it take? Should we contest will to avoid probate…
Inherited IRA 10-year rule - how does it work now after SECURE Act?
My father passed and left me a traditional IRA worth $340k. The financial advisor mentioned the new '10-year rule' from the SECURE Act. Do I have to take equal …
Life estate vs trust for house - which protects Medicaid eligibility?
Want to transfer house to kids but still live in it. Attorney suggests either life estate or trust. Which better protects from nursing home/Medicaid? Can I chan…
Revocable living trust cost - attorney quoted $3,500, is this reasonable?
Estate planning attorney quoted $3,500 for revocable living trust (includes pour-over will, POA, healthcare directive). This seems expensive. What's reasonable …
Revocable living trust vs will - do I need both?
Attorney told me I need a living trust AND a will (pour-over will). She quoted $3,500 for the whole package. I have a house, two retirement accounts, brokerage …
Can I disinherit my child in my will?
One of my 3 adult children has cut off contact for 5 years. Want to leave everything to other 2 kids. Can I legally exclude one child? Do I have to leave them s…
Do I need a will if everything is in joint tenancy with my spouse?
House, cars, bank accounts all jointly owned with wife. Beneficiaries on 401k and life insurance. Do we even need wills? Everything passes automatically to surv…
TOD deed vs living trust for real estate - which is simpler?
Own house worth $350k, no other major assets. Can I use Transfer on Death deed to give to kids instead of creating living trust? Which is cheaper and easier?
Do I need trust if my estate is under $1 million?
Total assets around $800k (house, retirement accounts, life insurance). Under federal estate tax threshold. Attorney pushing living trust but do I really need i…
Annual gift tax exclusion - can I give $18k to each of my 5 grandkids?
Want to help grandkids with college. Can I give $18k to each of the 5 grandchildren this year ($90k total) without gift tax? What about my spouse - can she give…
How much does it cost to create a will? Attorney vs online vs DIY
Getting quotes from $500 (online LegalZoom) to $2,000 (local attorney) for simple will. What's the difference? Is paying for attorney worth it or can I safely u…
Parent has dementia - how do I get power of attorney now?
My mom (76) was just diagnosed with moderate dementia. She can still communicate but her memory is declining fast. Doctor says she still has capacity to sign do…
Stepped-up basis at death - should I keep highly appreciated assets?
Own stock with $50k basis worth $500k now. Considering selling and diversifying. But if I die, heirs get stepped-up basis and owe no capital gains tax. Should I…
Joint tenancy vs tenants in common - which is better for unmarried couples?
Buying house with partner (not married). Bank offers joint tenancy or tenants in common. What's the difference? What happens if one of us dies or we break up?
Handwritten will - is it legal without a lawyer or notary?
Can I write my own will by hand, sign it, and have 2 witnesses? Does it need to be notarized? Trying to save money on attorney fees but want it to be legally va…
Estate Planning Guides
All guidesEstate Planning Basics: Wills, Trusts, and Beneficiary Designations Explained
You don't need to be wealthy to need estate planning. Learn how wills, living trusts, powers of attorney, and beneficiary designations work together to protect your family.
Estate Planning Essentials: Wills, Trusts, and Powers of Attorney Explained
Essential estate planning documents everyone needs: wills, living trusts, power of attorney, healthcare directives, and beneficiary designations.
Estate Planning 101: Wills, Trusts, and Probate
Essential guide to estate planning: understanding wills, trusts, probate process, and how to protect your assets and family.
Frequently Asked Questions
What is probate and how can I avoid it?
Probate is the court-supervised process of validating a will and distributing assets. It takes 12-24 months on average and costs 3-7% of the estate in legal fees. You can avoid probate by using a revocable living trust, naming beneficiaries on accounts (IRAs, 401ks, life insurance), and holding assets jointly with right of survivorship.
When should I use a trust instead of a will?
A trust makes sense if: (1) your estate exceeds your state's small estate threshold, (2) you own real estate in multiple states, (3) you have minor children who need controlled distributions, (4) you want privacy (trusts aren't public record), or (5) you want to avoid probate delays.
How much can I leave to heirs without estate tax in 2025?
The federal estate tax exemption for 2025 is $13.61 million per individual ($27.22 million for married couples). However, 12 states impose their own estate or inheritance taxes with much lower thresholds.
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