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Cornerstone Real Estate Legal Advisors

Frequently Asked Questions

What is the difference between a will and a trust?

A will is a legal document that outlines how you want your assets distributed after your death. It also allows you to name guardians for minor children. However, a will must go through probate, which can be a lengthy and public process. A trust, on the other hand, allows you to transfer assets to beneficiaries without going through probate. It offers more flexibility in how and when assets are distributed, and it can also help protect assets from creditors and reduce estate taxes. Trusts can be more complex but provide greater control and privacy over your estate.

When should I start estate planning?

It’s never too early to start estate planning. Many people believe they need to be older or have significant wealth to benefit from a plan, but that’s not the case. Estate planning ensures that your wishes regarding your assets, health care, and guardianship of children are followed, regardless of your age or financial status. Ideally, you should begin estate planning once you start acquiring assets, have dependents, or want to ensure your health and financial wishes are legally documented in case of incapacity.


How often should I update my estate plan?

You should review and update your estate plan whenever there are significant changes in your life or financial situation. This could include events such as marriage, divorce, the birth of a child, the death of a beneficiary or executor, or a substantial change in your assets. Additionally, it’s a good practice to review your plan every 3-5 years to ensure it still aligns with your current goals and any changes in estate laws. Regular updates help ensure your wishes are accurately reflected and your loved ones are protected.