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We receive a lot of questions on these topics so we brought in an expert. Today we discuss wills, trusts, and estate planning with Tyler.  This is a big topic so we brought in a member of the LMM Community Forums who deals with this for a living. Tyler and is estate planner and a lawyer in the military.  Put simply, estate planning is deciding where you want your stuff to go when you die or are incapacitated.  Do you need a will? Probably. Do you need a will if you have a kid? Absolutely. You can’t count on the state or sometimes even family, to carry out your wishes.  An asset that doesn’t have a next owner listed, some checking accounts for example, has to be assigned by a probate judge. A non-probate asset, like a life insurance policy or some brokerage accounts, bypass the process and are paid out pretty quickly.  If you die in debt, creditor’s get first crack at your estate. But your family will not be held responsible for that debt unless they have co-signed for the debt.  A living trust can help to tak