![]() ![]() It can be useful when planning an estate, and many of the more elaborate varieties help minimize estate taxes that may be owed after your death. Trust: A trust is a legal entity that allows a third party to hold and direct property and other assets that you place in the trust. If you pass away while caring for any dependents, you should designate their new guardians in the will. This may include paying off creditors and maintaining property before it is inherited or sold. In addition to designating beneficiaries, a will provides instructions for wrapping up financial loose ends connected to your estate. You may also choose an executor, who will be responsible for settling your estate and filing any related tax returns due after your passing. Will: A will is a public statement designating exactly how your assets will be distributed to your loved ones (the beneficiaries of the will) upon your death. What tools should I consider during the estate planning process? Worse, legal disputes or other conflicts can arise among your loved ones without an estate plan in place. ![]() Without one, your assets are subject to your state's probate laws, and the court will determine what happens to any minor children you leave behind. Making financial decisions about your own death is an unpleasant task, to be sure however, an estate plan allows you to have the final say when dividing your estate. Estate planning is the process of designating your assets for distribution after you pass away. ![]()
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