The Role of Private Trusts and Wills in Estate Planning
Estate planning in its effective sense is one of the most important steps people can take to ensure the future safety of their assets as well as proper care for beneficiaries upon their death. Among the most popular are private trusts and wills . Even though these estate management devices play different roles, which the other does not have, together they offer a well-rounded, robust plan. What is a Will? A will is simply a legal document that allows one to state the assets to be used after their death. It gives the testator the liberty to appoint who benefits from the said will and nominate an executor, and also make any wishes, such as appointment of guardianship for minor children, donation to charity, and many more. Wills are simple and form a common tool used in the transfer of assets after death. What is a Private Trust? A private trust is simply an agreement created by the settlor, the one who sets up the trust, whereby his property and/or assets are passed over to a tru