how important it is. Estate planning is beneficial in many ways. It reduces the uncertainty of administering probate and maximizes the value of an estate by cutting down on tax and other expenses. Trusts and wills are the two primary parts of any estate plan.
A will lets you determine who will inherit your assets in the event of your death. Choose your executor as well as a guardian for minor children. This person will manage your estate and manage the probate process. After your death, a will becomes legally and legally binding.
When you set up a trust, it grants it ownership of your assets including any real estate that you own. The trustee will distribute your assets according to the terms of your will when you die. The estate planning process may be lengthy, but an elder law firm can assist you with the choices to take and tax implications that come with managing your estate and the settlement.