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Disclaimer: Everything shared in this video and description are simply my opinion. They are not legal advise and you should not consider it as such. This is for entertainment purposes only.
A will is a legal document that outlines how your assets will be distributed after death. It allows you to choose exactly who will receive your assets and what they get. A will can also name a guardian for minor children and a personal representative to manage the distribution of assets.
Creating a will is an important step in the estate planning process and can help your family avoid conflicts among family members or beneficiaries. It is important to keep in mind that a will only goes into effect upon a person’s death, and does not have any legal standing while the person is alive.
A living trust on the other hand is a legal arrangement in which one person, called the trustee, holds legal title to property for the benefit of another person, called the beneficiary. There are several different types of trusts, including revocable and irrevocable trusts, and they can be used for a variety of purposes such as asset protection, tax planning, and charitable giving.
Unlike a will, a trust becomes effective as soon as it is created and can be used to manage assets while the person is alive. A trust can also be used to manage assets on behalf of a minor or someone who is unable to manage their own affairs.
While both a will and a trust can be useful tools in the estate planning process, it is important to carefully consider which is the most appropriate for your situation. My opinion is to get both.
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