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I frequently am asked by prospective estate planning clients, "Do I need a trust?" The answer is the classic one: It depends.

Many people are afraid of drawing up a will and doing other estate planning because of the perceived high cost. The truth is, drawing up a will is a small cost compared to the cost of probate of an estate if you die without a will and own almost any property.

Creating a guardianship for an adult who can no longer care for themselves is often overwhelming. Here are the basic steps involved in the process.

The price you pay for this advice before signing a contract can easily save you many thousands of dollars and lots of headaches and trouble in the future. A review of a standard residential purchase contract generally would not be more than a few hundred dollars. More complicated contracts, of course, would cost more to review or draft, but the cost would still be far less than any negotiation or litigation later to address problems that arise.

Setting up a living trust is the best way to ensure your assets are passed onto the right people if you pass away. So how do you start the process?

Probate can be costly and complicated. Unfortunately, not probating a Will could cause your family more stress in the long run. If your loved one has passed away and left a Will behind, you may find yourself in a situation where this is the case.

Guardianships are a complicated legal proceeding. Most people have no clue exactly how complicated and expensive they are. In some situations, however, a guardianship is required to manage the affairs of a loved one.

A corporation is a separate legal entity from its owners. A corporation can be owned by one person or many people. The corporation is formed under the laws of the state in which it is operating, with Articles of Incorporation or Certificate of Formation.

A small estate affidavit will not always work, however. In some situations, you may need a determination of heirship. If you find yourself in this situation, make sure you have an experienced attorney to guide you through the steps involved. Otherwise, it is easy to feel overwhelmed by the process.

A revocable trust is one that can be completely or partially revoked either during the lifetime of the person creating the trust or afterward. An irrevocable trust means just that: it cannot be revoked.