You are married with minor children, so the focus of your estate plan is to ensure that your spouse and children are cared for upon your death or incapacity. If your children are the progeny of your current marriage, then you and your spouse must jointly select a guardian to care for them, and a trustee to manage their inheritance. On the other hand, if your children are the progeny of a previous relationship, then careful planning is required to ensure that each child receives an inheritance, while also providing for your current spouse. In either case, two types of estate plans may be used to achieve your goals:
You have adult children, so you may simply want to ensure that your children receive your property in equal shares without probate proceedings. If so, a Probate Avoidance Plan is exactly what you need. This type of plan allows you and your spouse to maintain complete control of your property for life, followed by distribution of assets to your children without probate.
On the other hand, if your goal is to appoint a person to manage your affairs if you become incapacitated, and then distribute your property to your children or other beneficiaries without probate proceedings, then a Living Trust Plan would meet your objectives.
Finally, if you are not concerned about probate costs, and you want to minimize your estate planning fees, then a Primary Estate Plan is a perfect solution to achieve numerous estate planning goals.
Since you are married with no children, you have several estate planning options available to you. First, if you simply want to direct your assets to a limited number of beneficaries, and avoid probate, then you should consider a Probate Avoidance Plan.
Your second option is use a Living Trust Plan to appoint a trustee to care for you during your lifetime, and then distribute your assets post-death. A Living Trust Plan also allows for more complex distribution instructions than with a Probate Avoidance Plan.
Finally, a Primary Estate Plan uses a last will & testament to carry out your estate planning instructions. This is the lowest cost option to achieve all of your estate planning goals, but probate will be required to administer your estate.