Estate planning is the process of organizing and preparing for the distribution of your assets and property after you pass away. It is an important step in ensuring that your wishes are carried out and that your loved ones are taken care of. Estate planning is not just for the wealthy, it is a process that is relevant to everyone, regardless of their financial situation.

The first step in estate planning is to create a will. A will is a legal document that outlines how your assets will be distributed after your death. It also allows you to appoint a guardian for your minor children and name an executor, who will be responsible for carrying out the instructions in your will. Without a will, the distribution of your assets will be determined by the laws of your state, which may not align with your wishes.

Trusts are a popular and powerful tool for estate planning, allowing individuals to control the distribution of their assets after their death. There are many different types of trusts available, each with their own unique features and benefits. In this blog post, we will explore some of the most common types of trusts used in estate planning.

1. Revocable Living Trusts: A Revocable Living Trust is a trust that can be amended or revoked by the grantor (the person who creates the trust) during their lifetime. This type of trust is often used to avoid probate, as the assets placed in the trust are not considered part of the grantor's estate upon their death. This also allows for more privacy than probate court, where records are public. Revocable living trusts also can have a "successor trustee" named who will take over managing the trust assets if the grantor becomes incapacitated before death.