Trust and Wills: What You Leave Behind
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It is a good idea to plan because it safeguards your family's finances and allows you to control your assets to your liking. A private trust and wills are basic, legal forms that are part of estate planning. Understanding the distinction between a will and a trust will prepare you to make good decisions regarding the effective protection of your legacy. Principal Features of a Will:- Legal Declaration : Clearly states asset distribution and beneficiaries. Executor Selection : Appoints a trusted individual to carry out the will. Guardianship for Minors : Secures minor children to be taken care of by specified guardians. Probate Process : Prone to court authentication, which can lead to a delay in asset distribution. Modifications Possible : May be changed or revoked at any time before the testator's death. While wills play a significant role in estate planning, they are not private because they become public records once probated. They also do not cover assets put i...