Estate planning is the process of arranging for the management and distribution of your assets after you pass away or become incapacitated. It involves making decisions about who will inherit your property, as well as planning for potential tax implications and ensuring your wishes are carried out.
The Role of Trusts in Estate Planning
A trust is an essential estate planning tool. This legal arrangement involves the transfer of assets from one party, known as the trustor or grantor, to another party, the trustee, for the benefit of a third party, the beneficiary.
