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Understanding differences between wills and trusts

In casual conversation, many people use terms like "will" and "trust" interchangeably, possibly because they are unaware of the specific differences between these two types of documents. However, these two legal tools serve different and mutually important functions, and usually work together to provide protections for people's property and wishes once they pass away or are incapacitated.

Taking care of minor children poses a challenge for estates

Parents don't like to think about what will happen with their children if both parents pass away. As unpleasant as this thought is, it is necessary for anyone with minor children to take the time to make plans for if the unthinkable does happen. In fact, thinking about this now might help you to rest easier knowing that the children will be cared for appropriately.

Can a trust help to solidify your estate plan?

Setting up your estate plan does not have to be complicated. It is true that you will have to do some work and think about how to set things up to get everything how you want it. One thing that makes people think that this is a difficult process is that there are so many different tools that you can use to ensure everything goes where you want it when you pass away.

3 benefits of a good trust to protect you and your family

Planning your estate is slightly complicated, and you may be correct in that it takes time and effort over several weeks or months to get your estate plans in order. As you work through your estate plan, you'll notice that one thing you can have is called a trust.

Did you know there is more than one type of trust?

When it comes time to tackle the estate planning process, many people assume that the creation of a will is the only option they have. While this is something to consider, you don't want to stop there. You may find that some type of trust is exactly what you need in order to reach all your estate planning goals.

What should you include in a will?

Choosing to create a will is a very important decision. It’s one that requires thoughtful planning and careful execution. Acknowledging how you want your affairs handled in the event of your passing is not a pleasant task. But doing so keeps you in control of your own healthcare, ensures your loved ones are properly cared for and offers many other benefits.

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