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Estate planning is even more important for LGBTQ individuals. In reflection of Pride Week, let’s discuss the necessity of estate planning for LGBTQ individuals and couples.

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

Trusts are an excellent tool to provide for the future needs for yourself or your loved ones. A trust can be especially beneficial if you have children with special needs, including minor children and adult children with disabilities. You can also create a trust for yourself if you need to apply for Medicaid and your assets exceed the limits to qualify.

There are at least six really good reasons for you to have a living trust in your estate planning package.

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.

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.

Estate planning isn't just for rich or older individuals. Even young, asset-poor 20-somethings should start thinking about how their property will be distributed in the event of a tragedy. Drawing up an estate plan is not as much an action you need to take for yourself, but one you should take for your loved ones.

Probate or administration is the legal procedure for settling and transferring a persons estate, including assets and debts. If a person owns property in a different state from that in which he or she lied at death, an ancillary probate or administration in the other state might be necessary. If there was a will, generally, a probate will be proper, and if there was no will, an administration, which is more costly and involved, may be necessary. For ease of reference, I will use the term probate to cover either procedure.

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?

When a loved one dies without a Will, you have two options: determination of heirship or Affidavit of Heirship. These are the steps involved in both proceedings, as well as best practices to follow.