Why Estate Planning Is Essential
Estate planning isn’t just for the wealthy. A 2024 survey found that only 32 % of Americans have a will【915334143341815†L405-L427】, leaving many families unprepared for emergencies. A well‑crafted estate plan ensures your assets are distributed according to your wishes, names guardians for minor children and provides clear instructions for healthcare decisions. For immigrants and H‑1B professionals, estate planning also addresses cross‑border considerations and cultural values.
At Lashik Solutions, we guide you through the process with compassion and expertise. Whether you need a simple will or a complex trust arrangement, we work with you to draft documents that stand the test of time and reflect your unique circumstances.
Key Components of an Estate Plan
- Last Will & Testament – Outlines how your assets should be distributed and appoints guardians for dependents.
- Trusts – Provide privacy and control over when beneficiaries receive assets. Options include revocable living trusts and irrevocable trusts.
- Powers of Attorney – Designate trusted individuals to manage your finances or make healthcare decisions if you become incapacitated.
- Advance Directives – Document your wishes for medical treatment and end‑of‑life care.
- Digital Asset Planning – Ensure that online accounts and digital memories are handled according to your wishes.
Wills vs Trusts
Both wills and trusts can distribute assets to your loved ones, but they operate differently. The table below highlights key distinctions:
| Feature | Will | Trust |
|---|---|---|
| Probate | Goes through probate, which can be public and time‑consuming | Usually avoids probate, allowing faster distribution and privacy |
| Privacy | Becomes a public record once probated | Remains private during and after administration |
| Flexibility | Easy to amend; effective upon death | Can manage assets during life and after; may include conditions on distributions |
| Cost & Complexity | Lower upfront cost but may incur probate fees later | Higher setup cost but can save heirs time and expense |
Frequently Asked Questions
Do I need a will if I’m under 40?
Yes. Even if you’re young, a will ensures that your assets and guardianship preferences are respected. Without a will, state intestacy laws decide who inherits your estate, which may not align with your wishes.
What’s the difference between a living will and a living trust?
A living will expresses your healthcare wishes if you’re unable to communicate. A living trust is a legal entity that holds and manages your assets during your lifetime and after death, potentially avoiding probate.
Can I change my trust later?
A revocable living trust can be amended or revoked while you’re alive. An irrevocable trust generally cannot be changed but offers additional asset protection and tax benefits.
How do powers of attorney work?
A financial power of attorney allows someone you trust to make financial decisions on your behalf if you’re incapacitated. A medical power of attorney gives someone authority to make healthcare decisions based on your advance directives.
Get Started
Creating an estate plan is one of the most loving gifts you can give your family. We’ll walk you through every step – from documenting your wishes to coordinating with attorneys when necessary. All consultations are free and confidential.