Let’s talk estate planning–wills vs trusts, which one is for you?

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Be honest, there’s one thing on your just-married to-do list that keeps getting pushed for another day–Estate Planning. And while we’re all for you enjoying your honeymoon phase and keeping your head very much in the clouds of your happily ever after, the sad truth is that we’re all forced to live here in reality. That’s exactly why Estate Planning should be the very first thing you take care of once you tie the knot, but we’re here to make it as fun, simple, and aesthetically pleasing as we can. We partnered with LegalZoom to break it down for you so that you and your new hubby or wife can choose the plan that works for your life and your needs.

take a breath–hold our hand–here we go…

What is an Estate Plan?

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It’s essentially a bougie way to say a plan for what happens to everything you’re personally responsible for in the event of your death or incapacitation. When you put it that way, it sounds kind of chic, right?

There are two different types of estate plans–wills and trusts. Wills, you’ve probably heard of in the context of period piece dramas, left by dearly departed aunts on the other side of the world, but modern (non-ridiculously wealthy) normal people use them too. Trusts are a more modern invention that helps you make sure your wishes are carried out without your loved ones having to go through the court system. And before you jump right into one or the other, there’s no right or wrong answer, and going through the court system, while it sounds like a hassle, isn’t always a bad thing. LegalZoom has complete estate planning packages for both wills and trusts. We will go over what is included in each and exactly who may benefit most from one or the other.

Save 10% on estate plans now through 1/31/2025

What’s in a Will

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last will & testament

This is the legal document that probably comes to mind when you think of a “will” that gives you the final say on what happens to your possessions after your death. This ensures that you decide who benefits from your real estate, bank accounts, personal property, and any other assets. Most importantly, if you have or plan on having children, your will can be used to name a guardian to raise them. If you don’t name a guardian in your will, it’s left up to the state to decide.

You can also leave instructions for your funeral arrangements in this document, which may sound morbid, but it takes so much pressure and planning off of your loved ones. Think of this as something you can do from beyond to support them in their time of grief. Plus, look at you! You’ve gotten so good at planning since the wedding, what’s one more event?

healthcare directive

This is a two-parter, it’s a written legal document that includes your living will and healthcare power of attorney. Don’t worry we’ll get into what that all means! In the event that you are unable to communicate your wishes or make decisions, your living will acts as your voice and leaves no doubt about how you would want to be handled/treated. Because in this situation your healthcare providers won’t be able to confirm your wishes with you, they will need a representative (likely your new spouse) to sign off on any procedures/decisions and they will need a healthcare power of attorney in order to do so.*

*“These documents are usually used when you are medically determined to be permanently unconscious or terminally ill by at least two physicians. Each state has its own requirements for eligibility. Depending on the state in which you reside, terminology, content, revocation, and healthcare laws differ. These variances will greatly determine who you can appoint, what treatment you can withhold or request for, and how you can revoke or change your directive.”

financial power of attorney

Financial power of attorney (POA) gives another person (in this case probably your spouse) the ability to conduct your financial matters when you cannot be present. There are a few different types and LegalZoom will walk you through all the options so you can choose the one that best fits your situation.

HIPAA authorization

A HIPAA authorization form lets you choose who is allowed to access your private medical information. If you are going to be giving your spouse Healthcare Power of Attorney, it’s a good idea to give them HIPAA authorization as well so that they can access all of the necessary information to make an educated decision about your treatment.

LegalZoom has a Basic Will Package and a Premium Will Package. The basic package includes everything mentioned above, includes 30 days of free revisions, the printing and shipping of one set of documents, and is $99. The premium package includes an attorney review of your documents, unlimited 30-minute calls with an attorney for 1 year*, attorney advice for your family, and 1 year of free revisions.

*Telephone consultations with a participating firm, during normal business hours, of up to one half (1/2) hour each, limited to one consultation for each new legal matter. Excludes business-related matters. Limit one Legal Assist Plan per estate plan. Benefits to the Legal Assist Plan continue automatically for $199 per year. You can cancel online or by calling. Attorney services are fulfilled through Legal Advantage Plus. For full details, see the Legal Plan Contract and Subscription Terms.

What’s in a Trust

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living trust

Like a will, Living trusts are a way to distribute your assets and provide for your beneficiaries, but unlike wills, they don’t need to be filed in probate court. Not only does this make things go a little faster for your loved ones, but if you’re someone who doesn’t like people poking around in your business, trusts offer more privacy.

pour-over will

This is where things start to get a little complicated, so stick with us. When you make your trust, you “fund” it, which means instead of your possessions and assets being in your name, now they are part of your trust. Let’s say you get a new car or a vacation home (girls can dream, right), but you’re so caught up with life that you forget to add that new asset to the trust. Well, then all that work you did setting up a living trust so your loved ones don’t have to go to court was pointless because now they have to…unless you have a pour-over will (which is included when you set up your trust with LegalZoom). This functions like a regular will where you name someone as the beneficiary of your assets. You don’t need to be specific like you do with the trust, so everything that may have been lost in the shuffle simply “pours over”, get it?!

certificate of trust

A Certificate of Trust is a legal document that states the existence of a Trust (so no one is waiting around or searching for a will) and gives the Trustee (the one appointed by you as the beneficiary and executor) legal authority to act.

schedule of assets

This is a list of your assets and their value at a specific time. We know this can sound overwhelming, but LegalZoom will prompt you with the questions you need to make your list as thorough as possible without making you document every dress in your closet. Not only does this outline which assets will be part of the trust, it also helps determine the value of your “estate”–now that sounds kind of fun, right?

bill of transfer

This is a legal document that transfers all of your personal property (things that don’t have deeds or titles like cars and real estate, like those dresses we were talking about before 😂).

When you file your trust with LegalZoom, their packages also include the aforementioned Healthcare directive, Financial power of attorney, and HIPAA authorization. Their Basic Trust Package also includes 30 days of free revisions and printing and shipping of one set of documents for $399. Their Premium Trust package includes everything mentioned above plus an attorney review of your documents, unlimited 30-minute calls with an attorney for 1 year*, attorney advice for your family, and 1 year of free revisions.

Now that you’re practically Elle Woods, what are you waiting for? Go plan that estate!