Although the topic of our own demise is something many of us would prefer not to think about, it’s important to be prepared and leave your loved ones with a solid plan to help them fulfill your wishes. Whether your assets range in size from a set of silverware passed down through generations to a 20-acre plot of land somewhere in mid Ohio, you’ll want to tell your loved ones exactly what to do with them.
The two most common estate planning tools are wills and trusts. When deciding which is right for you, keep a few things in mind. First, know your assets – what you have, what each is worth, and where you want each to go after your death.
Second, know the differences between wills and trusts and keep in mind that you don’t have to use one or the other. In fact, estate planning is most effective when the plan is as detailed as possible. Using both a will and a trust could contribute to your plan’s effectiveness and the ease of its execution.
And finally, although there are countless websites offering free templates to create your will yourself, we always recommend working with an attorney and financial advisor. It’s worth the investment to know that the assets you worked so hard for your entire life will be passed down properly, even if the only asset you want to protect is your great grandmother’s silverware set!
Read our infographic below to get started on understanding the key differences between wills and trusts!
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