Not having an estate plan is very unwise, and allows the State to determine how and to whom your assets will be distributed.
Getting started in estate planning can be a challenge, especially if you do not have the basic information needed, according to Cincinnati.com in "Now is the time to consider the basics of estate planning."
The most important thing people need to know is what is involved with Wills and Trusts, and how they differ.
A Will is a formal written document you can use to establish how your property should be distributed after you pass away. Your Will is submitted to Court after your death, and the Court appoints someone to make sure what you want done is actually carried out. A Will has no effect until after you pass away.
A Trust is very different from a Will. A Trust can take affect before or after you pass away. For example, Inter Vivos (during life) Trust documents create a legal entity into which you can transfer your assets while you are alive. After you pass away, the assets are then managed or distributed according to the directions given in the Trust document. Unlike a Will, a Trust does not ordinarily need to be submitted to Court.
There is a lot more to estate planning than the differences between a Will and a Trust, including additional basic information that you should know.
An experienced estate planning attorney can get you started on creating an estate plan that meets your unique circumstances.
Reference: Cincinnati.com (Nov. 2, 2017) "Now is the time to consider the basics of estate planning."