Welcome to the Ultimate Guide to Estate Planning
We've built an extensive estate planning guide to help you educate yourself about the estate planning process, tools you can use for estate planning and how to find expert legal advice throughout the estate planning process.
Let's get started with an overview of estate planning...
Estate planning is the process of making arrangements and decisions for the management and distribution of your assets and possessions after you pass away or become incapacitated. It involves setting up legal documents and structures to ensure that your wishes are carried out, and your loved ones are taken care of according to your intentions. Estate planning is not only about distributing wealth but also about ensuring the smooth transfer of responsibilities, making healthcare decisions, and minimizing taxes and potential legal complications.
Let's dive into the function of a will.
A will, also known as a last will and testament, is a legal document that allows a person to express their final wishes and instructions regarding the distribution of their assets, properties, and possessions after their death. It serves as a legally binding declaration of how the individual wants their estate to be managed and distributed among their beneficiaries.
Let's explore what a trust is and how it's used in estate planning.
A trust is a legal arrangement in which one party, known as the “trustor” or “settlor,” transfers assets or property to another party, known as the “trustee,” for the benefit of a third party, known as the “beneficiary.” Trusts are commonly used in estate planning to manage and protect assets, as well as to ensure that the assets are distributed according to the trustor’s wishes.