Movies like “Knives Out” perpetuate the notion that upon a person’s death, the family must gather for a “reading of the will” to discover who will inherit the deceased family member’s worldly possessions. Contrary to this dramatic movie script depiction, most estates are administered without arranging a family gathering for a “reading of the will.” Additionally, if the decedent had a trust, it is the trust, and not the will, which governs how the decedent’s assets will be distributed after his or her death. Often, clients come into our office for an estate planning consultation and initially say, “I need a will.” However, after we discuss the differences between a will and a trust, many clients opt to prepare a trust instead.

Many people have the misconception that preparing an estate plan is only important to do when you are older in life and have accumulated significant wealth. Contrary to that, estate planning is just as essential for younger parents who are just starting to build their family and their nest egg.