Estate planning is planning for death. We're all a little squeamish about death, especially when we're the ones involved. This discomfort can lead to the procrastination that might account for the fact that only about two out of every five Americans have a will.

The fact that most Americans don't have a will is ironic. We spend our lives working hard to earn enough money and property to make the lives of our children and spouses and other loved ones happier, wealthier, and more secure than our own. And yet most of us fail to plan our estates—the one thing that's essential to make sure that those we care about receive the fruits of our labor.

This chapter answers, in nonlegal terms, commonly asked questions about estate planning. Keep in mind that the rules governing estate planning, wills, probate, and trusts are determined by state law, which means that some of the principles discussed in this chapter may not apply in your state. Similarly, the costs of estate planning vary, depending on such factors as where you live, the nature of your estate, and your particular needs. As you begin the process of estate planning, you should consult one or more lawyers with experience in this area of the law. After a consultation, they can give you a good idea of the cost of ensuring that your estate is in order for today and tomorrow.

1. Estate-Planning Basics
1. Working with a Lawyer
2. Wills
1. The Executor
2. Setting Up a Will
3. Trusts and Living Trusts
1. Living Trusts
2. Other Kinds of Trusts
3. Setting Up and Maintaining a Trust
4. Other Estate-Planning Assets and Tools
1. When Circumstances Change
5. Some Special Circumstances
6. Death and Taxes
7. Probate