Thinking about your estate plan is something that many people avoid because they don't think that it is necessary right away. However, all adults should take steps to get their estate plan together.
When you pass away, your loved ones will have a lot to deal with. They certainly don't need to have to deal with difficulties related to your estate. The fact of the matter is that these mistakes can be costly and time-consuming, which aren't what you want your loved ones to have to deal with while they mourn your loss.
Most people understand the concept of a will. But ask them about what a trust is and how it can be useful, and many will not even hazard a guess. Long thought to be the domain of the rich who were looking for ways to pass large amounts of money and assets on to their heirs, a trust is a helpful estate planning tool that can be used in a variety of different circumstances by people of varying financial means.