This information provides a general overview of estate planning, but it’s no substitute for a detailed consultation with an HLH estate planning attorney. A revocable trust is often a key component of a comprehensive estate plan. Our attorneys assist with every step—from funding the trust and transferring assets to conducting regular annual reviews. While we guide you through the legal aspects, we also recommend discussing tax implications with a qualified tax professional. When properly structured, a revocable trust can help you achieve your family, financial, and tax goals with confidence.

No, life insurance is not a substitute for a will. Life insurance is just one type of asset and is governed by the terms of the policy, including the named beneficiary or beneficiaries. If the policy is payable to a specific individual, the proceeds go directly to that person—regardless of what your will states. However, if the policy is payable to your estate, the funds will be distributed according to the terms of your will. While life insurance can be a valuable tool for covering expenses and taxes after death, it does not replace the need for a comprehensive estate plan. To avoid costly mistakes—such as incorrect ownership or beneficiary designations—it’s important to consult with an attorney, a life insurance professional, and a financial advisor.

You can name almost anyone as your trustee, including yourself, a trusted individual (like a family member or friend), or a corporate trustee such as a bank or trust company. Your choice is important and may have tax implications. Many people name a family member or friend as successor trustee to manage and distribute the trust after their death. Be sure to consider the person's qualifications, the potential for conflicts among beneficiaries, and the responsibility involved. The trust should also allow the trustee to hire professionals—such as attorneys, accountants, or financial advisors—for support.