Why should I have an estate plan? What’s the difference between an estate plan and a probate?

An estate plan is a revocable trust where you transfer all of your assets and surrounding documents (including a healthcare directive). If somebody dies without an estate plan, a probate will have to occur — where it goes to court, takes time, and costs money. A simple revocable trust keeps you from going through that by allowing you to confirm whoever you want to take over as the successor trustee and to decide how you want your assets to be handed out (over time).