Frequently Asked Questions

• Trust
• Will
• Power of Attorney (General & Medical)

A Will and/or Trust Without the administration and distribution of your estate will be determined by state laws and courts. An estate plan allows YOU to control how your estate will be administered and distributed.

Having a trust is the best way to ensure your life insurance goes to your children with a specific plan.

A trust is a legal entity that keeps assets both while you are alive, and once you pass away. A trust appoints a trustee to carry out the terms of your trust, including distribution standards and conditions. Assets held in trust are not subject to probate and distribution instructions are private.

A will is a legal document that takes effect only upon your death. While it provides instructions regarding the distribution of your assets to your designated heirs, it does not provide for the management of assets in the event of your incapacitation while living, nor does it avoid probate for certain assets like real estate.

Whether you need a trust, a will, or both depends on your situation. Typically, if an individual owns real estate, has assets over $10,000, and/or has children, a trust is recommended because it means that assets held in the trust can be managed for children, will avoid probate, and can provide asset protection for your heirs.

If the beneficiary life insurance is a minor, A trust the best to ensure that will be managed properly until they come of age. 

Yes. The cost of developing an estate plan varies greatly depending on how or where you choose to go through this process. At TruWill, we have developed a way for you to get a legally valid, enforceable, and efficient estate plan for $995 or less.

Law firms typically charge $2500-$5000 for a standard estate plan.

Short answer: Terror and Pain.

The process without an Estate Plan is:

• Your family is going to have to figure out what to do and answer difficult questions like: Who will raise your kids and what will happen with your stuff?
• In order to transfer your assets to your heirs any interested party (family) will have to go to a probate court where the judge decides who gets what. That costs money!

Each state has in effect laws that outline how your estate should be administered in the event that you do not have an estate plan in place. These are called intestate laws and they typically require court involvement to take effect and to provide someone with the authority to administer your estate pursuant to the state statute. In these cases, a statute and/or a judge will determine exactly what happens with your estate assets and who will be responsible for handling these affairs, including who would take care of any minor children.

The expensive and time-consuming way to get an estate plan is by meeting with a lawyer, waiting for the lawyer to draft the documents, and then going back to the lawyers office to sign and finalize the documents.

On TruWill, you:

Create an account 

• Securely provide necessary information online and 
• You receive your documents (shipped directly to you) 
• Follow instructions to Sign, Get Notarized, and Finalize documents 

Think of a trust as a detailed plan. If you were around, you would specifically make choices about how your children are raised and what you do with your money/stuff.

But if you are not around, you need a plan. That is a trust. You decide:

• Who will take care of your minor children.
• How your money/assets will be managed and distributed.
• Who will be responsible for ensuring your wishes are followed in the event of your incapacitation or death.

Pro Tip: A really good estate plan also prevents court involvement & supervision during the administration and distribution or your assets. (That lowers cost and reduces stress!)