![]() You can also name a guardian in your trust. Upon your death, your assets will be transferred without requiring probate. However, with trust, your assets are placed into your trust during your lifetime. A living trust is similar to a will because you are laying out your instructions for who will receive your assets upon your death. The primary purposes of a will are to outline your wishes for who will receive your assets upon your death and to choose a guardian for your children in case you and the other parent cannot act. A last will and testament (or "will").While each estate plan is different and designed to meet the creator's needs, most have specific documents in common. Get a complete overview of what's included in an estate plan and the process to make one in Wh you need to know about estate plannining and Estate planning: An overview. The complete guide to estate planning is designed to help you understand key terms and different aspects of estate planning so you can make decisions that are right for you and your family. It also includes directives to manage your final years, especially if you cannot make your own decisions. In fact, it can be life-affirming as you secure your legacy and ensure your wishes are carried out after you are gone.Īn estate plan is a collection of documents that govern where your assets go after you pass away. No one likes to think about their mortality and end-of-life decisions, but estate planning doesn't have to be a dreary experience.
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