How Wills and Trusts Work Together

When you think of creating an estate plan you likely think of a Last Will and Testament. While your Last Will and Testament will undoubtedly serve as the foundation for your comprehensive estate plan, it should not be the sum total of your plan. On the contrary, a variety of estate planning tools and strategies may be incorporated into your plan in order to achieve all of your estate planning goals and objectives. Although no two estate plans are identical, one of the most common additions to the average estate plan is a trust. Before you can decide if adding a trust to your estate plan is right for you though, you need to understand how Wills and trusts work together in your overall estate plan. What Is a Last Will and Testament? A Last Will and Testament is a legal document that allows you to accomplish several important estate planning objectives. First, it allows you to gift assets to beneficiaries. Your beneficiaries may be people or entities, such as your church. Your Will also


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