A Will is a legal document which directs your affairs after your death. The need for a Will varies depending on the life of the client. Parents with minor children need a Will to direct who cares for their children before they are emancipated. Adult, unmarried couples need a Will to prevent the assets of the couple going to intestate heirs and not to the surviving partner. People with assets need to develop a plan to lower taxes and to determine who inherits the assets after the second spouse dies.
Another estate planning tool is a Trust. A Trust is a legal entity to which part or all of your assets can be transferred for management by a trustee. Trusts can be created while you are living to manage your assets while you are alive or to help your heirs manage their inheritance after your death. The Trust needs to be designated for your particular needs and not something in a three ring binder.