• distribute property to your beneficiaries
• name a guardian for your minor children
• specify your last wishes, including funeral/memorial service arrangements;
• cancel any debts owned to you by another person;
• transfer property into an existing trust; and
• designate a trusted person (an "executor") to administer your estate.

The disadvantage to using a Last Will is that it is subject to court review (known as "probating a will").  The probate process can take months or even years during which time the property cannot be distributed, frequently recquires the services of an attorney, and can be very expensive.

A Living Trust is an increasingly popular option in estate planning.  Living Trusts are created when you transfer all your belongings into a trust, which you, as the trustee, control during your lifetime.  Living trusts are created when you transfer all your belongings into a trust, which you, as the trustee, control during your lifetime.  Living Trusts:

• provide all the benefits of a will;
• are generally not subject to probate;
• like wills, may be changed or revoked at any time;
• give you complete control over all your belongings;
• may help reduce estate taxes if you have a high net worth estate; and
• allow you to name a successor trustee if you ever become incapacitated.

In the event you become incapacitated, a Living Will (known in some states as an Advance Healthcare Directive) enables you to make critical health care decisions in advance, such as whether to remain on artificial life support.  In addition to a Living Will, Essentia Legal clients also receive a free Health Care Power of Attorney so you can select a trusted person to help you make critical decisions for you.