Frequently Asked Questions
about Wills, Trusts and Estate Planning

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What happens If I die without a Will?

If you die without a Will, you give up control to the state where you lived. Its laws will determine who your heirs will be and the state will choose the executor of your estate.

What makes the will legally valid?

You must voluntarily create and sign your Will. The Will must be executed according to the laws of your state but generally it should be properly executed and witnessed.

Do I need an estate plan?

Anyone can, and should, create an estate plan to protect their assets, make sure they are handled properly, and that any minor children are placed into care with the person they designate, and not someone determined by the courts.

Is online estate planning for everyone?

Online legal services are convenient and time-efficient. However, if you have complex legal questions, tax questions, or need legal advice, online estate plans are not for you and you should seek the advice of an attorney.

Is estate plan from TrulyWill legally valid?

Yes, if you voluntarily complete the online forms and subsequently properly execute and witness your estate plan documents according to your state laws, your TrulyWill Estate Plan is legally valid.

What is the difference between Trust & Will?

The main difference between a Trust and a Will is that a Will goes into effect after you die, whereas a trust goes into effect as soon as it’s created.
A Will covers any property that is in your name. In order for property to be included in a Trust, it must be transferred over .
A Will passes through probate, where a court oversees the administration and ensures it gets distributed properly. A trust passes outside of probate, so a court does not need to be involved.

How long would the process take?

You can create a simple estate plan in a couple hours. Once you have gathered all the necessary information, You can create an estate plan in as little as 20 minutes with TrulyWill

What if I have pending debts and mortgage to pay?

If you die owing a debt, the debt does not go away. Generally, your estate is responsible for paying any unpaid debts. When a person dies, their assets pass to their estate. If there is no money or property left in the estate, then the debt generally will not be paid.

What will happen if I relocate to any other state or part of the world?

A correctly drafted Will that you have completed under the laws of one state will more often than not be valid under the laws of any other state. However, it is good practice to update your estate planning documents when moving out of state.

How to calculate asset value?

Assets are anything you own that has monetary value. This includes real estate, stocks, retirement savings, cash on hand, cars, etc. Most people stop adding items when they get down to things smaller and less valuable than a car, but you may have items that are of value that you haven’t thought of. For example, Fine art can be an asset of great value. Similarly jewelry, antiques and expensive musical instruments may be valuable enough to be included when adding up your assets.

Assets are anything you own that has monetary value. This includes real estate, stocks, retirement savings, cash on hand, cars, etc. Most people stop adding items when they get down to things smaller and less valuable than a car, but you may have items that are of value that you haven’t thought of. For example, Fine art can be an asset of great value. Similarly jewelry, antiques and expensive musical instruments may be valuable enough to be included when adding up your assets.

A legally valid will, notarised and complete with healthcare directives as decided by you

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What will happen to guardianship if added people also aren’t alive?

If everyone you have chosen to be a guardian is unable to serve or passes away, the Court will appoint a guardian.

Do my documents need to be notarized?

Many estate planning documents will still be legally valid without notarization, though they will be more difficult to use and enforce even if they are valid.

Do I need an attorney?

Maybe - Since you're not legally required to have an attorney draft your Will for it to be legally valid, you will need to decide whether you feel comfortable handling your own estate plan with the help of a great tool like TrulyWill or if consulting an attorney would be your best call.

I lost someone I love, now what?

When people pass away, they leave behind a life and estate that must be handled. The funeral must be planned, bank accounts closed, pets rehomed, final bills paid. When someone you love dies, the responsibility of handling personal and legal details may go to you. If it requires a probate, your state may require an attorney. You should check your state laws and follow their requirements.

When should I update my Trust?

You should update your trust when you have a major life event occur that will have an effect on whom you want to inherit from you. Some common events would be:    
You get married  
You get divorced  
You have or adopt a new child    
One of your intended beneficiaries dies    
You want to disinherit someone    
Your successor trustee becomes incapacitated or dies    
You no longer believe your trustee should serve in that capacity    
You move to another state

What is the difference between a Revocable and Irrevocable Trust?

A revocable trust can be changed by the Grantor at any time during their lifetime, as long as they are competent. An irrevocable trust usually cannot be changed without a court order or the approval of all the trust's beneficiaries.

What is an Estate Plan and why do I need one?

Estate planning is the process of legally documenting your final wishes and planning for yourself and loved ones. This planning is especially important in the event of an emergency or for when you reach the end of your life. With proper estate planning, you won’t have to burden your or your loved ones with concerns such as what happens to your property after you pass away, or who makes healthcare and financial decisions if you become incapacitated.

What's the difference between Last Will & Testament vs. Living Will?

A Last Will & Testament is a document which directs your wishes regarding your estate, assets and other particulars once you have passed away. A Living Will, on the other hand, activates while you are still alive. It is an equally important document, relating to matters regarding your health and how you want to be treated for your medical matters.

Should I have an Estate Plan even if I'm not wealthy?

The answer is yes. No matter your net worth, you should have an estate plan in place. There are many reasons why having an estate plan is important for you. An estate plan helps protect your heirs and beneficiaries. If you pass away without an estate plan, your assets go through an intestate probate and will be distributed according to state law. Intestate probate can cost up to double a traditional probate and can take years to finalize.

What is a Living Trust?

A revocable living trust is a revocable agreement that someone makes during their lifetime for the benefit of themselves and for a spouse and other designated people after their death. A living trust is usually used for testamentary estate planning and to avoid probate.

A legally valid will, notarised and complete with healthcare directives as decided by you

get started today

What is the purpose of an estate plan?

One of the main purposes of estate planning is to avoid or simplify the probate process for your loved ones. Estate planning is the process of putting your legal, financial and medical affairs in order. It involves important decisions as who will be taking care of you during your lifetime and what happens upon your death.

What are the benefits of estate planning?

Some of the benefits of having an estate plan are: Ensure your Property goes to the right beneficiaries; Ease the burdens on your family; Plan for any kind of incapacity; Avoid probate; protect your minor children, and Save your family from difficult decisions.

What is the purpose of the will?

Without a will, state intestacy laws- which vary from state to state-determine who will receive a deceased person’s assets. With a will, people can make decisions in advance, ease the burden on loved ones and protect their assets and minor children.