The term “lanning” basically means to make yourself ready for any eventuality. It’s not only about planning for death; it is also planning to deal with disability or incapacities. The estate planning process ensures that your wishes will be respected should there be unexpected circumstances. It is possible to do this by creating an estate plan with trusts and wills.
The will can be described as a legally binding document which determines who, and who gets who when you die. It’s usually made before your death. Two copies should be kept on your testamentary document. The will should be kept in two copies. should be kept. One goes to you attorney and the second to family members. Your will states how much money you want to leave to each of them.
Trusts are a method to dispose of your assets that do not require probate court. There are many trusts. There are various types of trusts. Some are revocable while some are irrevocable. You are able to change the conditions of a trust that is revocable anytime. An example would be an estate trust in which you are named as the trustee. You, as the owner of the property could decide the value you want to put into the trust as well as whom you will receive it. iatfy6xutz.