Protecting your legacy
Make sure your wishes are known and followed, for your health, your property and the people you love.
Wills & Trusts
An estate plan in three parts
A complete plan brings several documents together, so your family is spared court delays, paperwork and stress.
Documents I explain
- Living wills and healthcare directives
- Revocable and irrevocable trusts
- Special needs trusts
- Last will and testament
How I help
- Work alongside estate attorneys
- Keep documents in step with your finances
- Check beneficiary designations
- Review your plan as life changes
Why it matters
How I help
Estate planning works best when your legal documents and your financial plan match.
Working alongside estate attorneys
I work alongside experienced estate attorneys, who prepare your documents, so the legal and financial sides of your plan move together.
Complete alignment
Your trust, beneficiary designations and accounts are checked against what you actually own, so they match.
Regular reviews
Your plan is updated as your family grows, laws shift or major life changes occur.
Your estate plan
How the pieces fit together
Three documents, each with its own job: your care, your assets and your children. Choose one to see how it works.
Your total estate plan
Living will
- When it applies
- During your life, if you cannot decide
- Probate
- Not applicable
What it does
Sets out your preferences for medical care, end-of-life treatment and life support if you become unable to speak for yourself. Also called a healthcare directive.
Why it matters
It spares your loved ones the burden of making difficult medical decisions for you during a crisis.
Key components
Advance directive
Records your care preferences, such as resuscitation, ventilators and pain management.
Healthcare power of attorney
Appoints a trusted person to make medical decisions on your behalf.
Living trust
- When it applies
- During your life and after death
- Probate
- Generally avoided for assets in the trust
What it does
Holds title to your assets, such as real estate and accounts, while you keep control of them during your lifetime.
Why it matters
Assets in the trust generally pass to your heirs without probate, the court process that can be lengthy, public and costly, so they arrive sooner and more privately.
Common types of trust
Revocable living trust
Flexible, and can be changed at any time during your life. Often used for the everyday transfer of assets.
Irrevocable trust
A permanent structure, used for purposes such as estate tax planning, protection from creditors or specialized care needs.
Special needs trust
Provides for a family member with a disability without affecting their eligibility for government benefits.
Last will and testament
- When it applies
- After death
- Probate
- Goes through probate, and becomes public record
What it does
Names who receives your remaining personal property, and names guardians for your minor children.
Why it matters
Without a will, state law decides who inherits your belongings and who raises your children.
Working with a trust
Pour-over will
Directs any assets left outside your trust into it after your death, so nothing is left out of your plan.
At a glance
Living will, living trust and will
| Feature | Living will | Living trust | Last will and testament |
|---|---|---|---|
| Main focus | Medical decisions and care | Financial assets and property | Guardianship and who receives your property |
| When it applies | During your life, if you cannot decide for yourself | During your life and after death | After death |
| Avoids probate? | Not applicable | Generally, for assets held in the trust | No, a will goes through probate |
| Kept private? | Yes | Generally | No, it becomes public record in probate |
| Names guardians for children? | No | No | Yes |
A living will, a living trust and a last will compared
Main focus
- Living will
- Medical decisions and care
- Living trust
- Financial assets and property
- Last will and testament
- Guardianship and who receives your property
When it applies
- Living will
- During your life, if you cannot decide for yourself
- Living trust
- During your life and after death
- Last will and testament
- After death
Avoids probate?
- Living will
- Not applicable
- Living trust
- Generally, for assets held in the trust
- Last will and testament
- No, a will goes through probate
Kept private?
- Living will
- Yes
- Living trust
- Generally
- Last will and testament
- No, it becomes public record in probate
Names guardians for children?
- Living will
- No
- Living trust
- No
- Last will and testament
- Yes
FAQs
Answers to questions I hear often. They explain how things work; your own situation is worth a conversation.
01.
What is probate?
The court process that settles an estate after death. It can be lengthy, public and costly. Assets held in a living trust generally pass without it.
02.
What is the difference between revocable and irrevocable trusts?
A revocable living trust can be changed at any time during your life and is often used for the everyday transfer of assets. An irrevocable trust generally cannot be changed once it is set up, and is used for purposes such as estate tax planning, protection from creditors or specialized care needs.
03.
What is a special needs trust?
A trust that provides for a family member with a disability without affecting their eligibility for government benefits.
04.
What happens without a will?
State law decides who inherits your belongings and who raises your minor children.
05.
How often should my plan be reviewed?
Whenever your family grows, laws change or a major life event happens, and from time to time in between.
06.
Do you prepare legal documents?
No. Lotus Management does not provide legal advice or prepare legal documents. I work alongside experienced estate attorneys, and help keep your documents in step with your financial plan.
Talk it through with Karen
For one-on-one questions, a Complimentary Discovery Call is a good place to start.
Book an Appointment (opens in a new tab)Learn alongside others
My financial literacy workshops are listed on my calendar, and organizations can request one of their own.
See the Workshops