Far too many Americans do not have a last will, a trust or a secure estate plan in place for when they die. In fact, according to a recent study, as many as 58 percent of Americans don't have a last will, living trust or estate plan. Without at least one of these in place, an accident or sudden illness could throw your assets into probate court or worse: into the possession of the government instead of your intended heirs.
Why should I prepare an estate plan?
In the process of making a will, a testator can be "specific, general, or demonstrative" in how their belongings will be disbursed after their death. A specific bequest dives into the specific personal items that the testator wants to give; the language of a specific bequest uses the language of "my and me" to denote the possession of the testator. Usually when we think of items involved in a will, we think of tangible items that can be touched and used in everyday life. When putting a tangible item into a specific bequest it is necessary to use the possessive language. For example: my diamond necklace that I've had for twenty years. Sometimes, these specific bequests can be outside of the will itself and mentioned in a memorandum instead; the memo would be referenced in the will. The only problem with putting specific bequests in a memorandum is that memorandums cannot be amended unless under certain situations, whereas wills can be amended as much as a testator wants.
When it comes to formulating an estate plan, there are so many benefits of a revocable trust. A revocable trust is a trust created by a grantor during their lifetime, and it is a trust which can be revoked or amended by the grantor during their lifetime. A revocable trust is a beneficial avenue to take when dealing with estate planning because of five different reasons.