At some point, you must decide what you want done with your assets after your death. You can make things much easier for your family during your time of grief by having something prepared. There are several estate plans that you can choose to use.

1. Wills

One of the most popular options is the will. It is one of the easiest processes to complete. You can do this yourself by completing a one or two page document, signing it, and having it witnessed. You can also go to a lawyer and ask them to help you. This is a good step if you have assets that need to be distributed among multiple heirs. A lawyer can also help ensure that the document is upheld in probate court after you are gone. A will is essential for parents under the age of 18, as it can serve as a way of saying who should take custody of the children.

2. Revocable Living Trusts

If you want to avoid the hassle of probate for your loved one, you might consider having a revocable living trust as part of your estate plans. These allow you to pass property to loved ones without going through court. Any bank or financial institution can help you set one up.

Probably one of the best things about this plan is that it can be easily modified. You can add money to the account, withdraw money, and even name new beneficiaries. If you need to, you can also remove recipients from your list. After it passes, this property is quickly transferred to the people you have chosen.

3. Total trusts

Any bank account can be converted to a Totten trust with just a signature on some forms. What this does is designate the chosen beneficiaries who receive the content within your account. They are easy to set up and are quickly transferred to loved ones after your death. Also, if you have stocks and bonds, you can set them up to go to whomever you choose this way.

4.AB Trust

A final trust to consider in your estate plans is the AB trust. With this, you leave your property to your spouse, and vice versa, for life. If you predecease your spouse, the property becomes theirs for the rest of your life. Once they pass, it passes directly to your children. While it can protect your estate from federal taxes, it can also be expensive to set up. This bypass, as it’s better known, is only a good idea if you have more than $3.5 million in assets, which is the limit before federal taxes become a concern.

In addition to establishing wills and trusts, you can also make donations and charitable gifts. Remember, you can only give up to $13,000 to an individual or $26,000 to married couples per year before gift taxes are due. It’s a great way to reduce some of your assets and avoid estate taxes upon your death.

Whatever your estate plans, you need to start making decisions as soon as possible. You don’t want to leave your loved ones without something that determines how you want your assets distributed.