Core Points - The article discusses the importance of creating a revocable living trust to avoid probate, protect privacy, and minimize estate taxes when a person passes away [1][4] - It highlights the complexities and potential legal battles associated with the probate process, using the example of the late entertainer Prince [2][3] - The article emphasizes the need for individuals to structure their living trusts carefully and provides considerations for what to include or exclude [4][11][12] Group 1: Trusts and Wills - A revocable living trust allows individuals to maintain control over their assets and designate beneficiaries, helping to avoid the probate process [1][7] - The process of creating a will is recommended to prevent confusion among family members regarding one's wishes after death [2][3] - The article presents a hypothetical case of an individual, Pete Moneywise, who is preparing his financial affairs, reflecting common concerns among retirement-age individuals [5][4] Group 2: Costs and Services - Ethos Will & Trust offers online services to create wills and living trusts quickly, with documents vetted by estate-planning attorneys [6] - The costs for creating a will start at $149 and a living trust at $349, with a full refund available within 30 days if unsatisfied [7] - Range provides financial planning services for high-earning households, including asset management and tax planning [8][10] Group 3: Items to Exclude from Trusts - Certain assets, such as vehicles, annuities, life insurance, international assets, and checking accounts, are recommended to be excluded from a revocable living trust to avoid complications [11][12][18][19] - The article advises that naming beneficiaries directly on life insurance policies is preferable to placing them in a trust [14][15]

Core Points - Understanding financial rights after a loved one's death can alleviate uncertainty and ensure proper handling of their affairs [1] - The distribution of assets depends on the presence of a will, with probate being the court-supervised process for those with a will [2][3] - Debts are settled from the estate before heirs receive any inheritance, with personal liability only passing in rare cases [3] - Surviving spouses and minor children often have additional protections under state laws, ensuring a minimum level of inheritance [4][5] - Certain assets can bypass probate and go directly to beneficiaries, including insurance policies and joint tenancy properties [6] - Collecting necessary documents is crucial for a smooth transition of assets after a death [7][9] - Planning ahead with a will and clear communication can ease the burden on loved ones during a difficult time [10][11] - The decline in the number of Americans with a will highlights the need for better estate planning [11] - Simplifying financial affairs can facilitate the transition for executors or trustees [12]