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Estate Planning Basics: A Comprehensive Guide to Wills, Trusts, and Probate

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Estate Planning Basics

by Denis Clifford

5 out of 5

Language	:	English
File size	:	2697 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Enhanced typesetting	:	Enabled
Word Wise	:	Enabled
Print length	:	250 pages

Estate planning is the process of arranging for the distribution of your assets after your death. It involves creating a will or trust, appointing an executor or trustee, and making other arrangements to ensure that your wishes are carried out.

Estate planning can be a complex process, but it is important to take the time to do it right. By planning ahead, you can protect your loved ones from unnecessary stress and financial hardship.

Denis Clifford's book, Estate Planning Basics, is a comprehensive guide to help you plan your estate and protect your loved ones. This book covers everything you need to know about wills, trusts, probate, and other estate planning tools.

What is a Will?

A will is a legal document that states how you want your assets to be distributed after your death. You can use a will to name an executor, who will be responsible for carrying out your wishes.

There are many different types of wills, but the most common type is a simple will. A simple will typically includes the following information:

Your name and address
The date the will was created
A statement that you are of sound mind and body
A list of your assets
Instructions on how you want your assets to be distributed
The name of your executor

What is a Trust?

A trust is a legal arrangement that allows you to transfer your assets to a trustee, who will manage them for the benefit of your beneficiaries.

There are many different types of trusts, but the most common type is a revocable living trust. A revocable living trust allows you to retain control of your assets during your lifetime, but it also allows you to name a successor trustee to take over after your death.

Trusts can be used to avoid probate, reduce taxes, and protect your assets from creditors.

What is Probate?

Probate is the legal process of administering an estate after the death of the owner. Probate can be a complex and time-consuming process, and it can be expensive.

There are many ways to avoid probate, including creating a trust or using a payable-on-death account.