Estate planning has to do with preparing an individual’s estate to be left in the most desirable manner in regard to taxes, probate charges, and future use. Often estate planning is accompanied with a will, trust, and/or trustee. A trust will bypass probate costs, but a will however does not. A homeowner, for example, that does not have a trust could have a portion of their property be subject to probate taxes even with a will in place. Proper planning can help offset these expenses and make sure that an estate transfers wealth in a tax-efficient manner. There are many different types of trusts, and consulting an estate attorney is the best way to make sure that the correct trust is selected.
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