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Making a legally binding will is the only way to ensure your estate will be dealt with according to your wishes. Your will should be clear and concise because, at the time of its reading, you will not be around to clarify your intentions. A will is your chance to provide for your loved ones after your death, state your plans for your funeral and appoint an executor that you know and trust to enact these wishes for you.
Trust is a fiduciary relationship in which one party, known as a settlor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary.
Types Of Trust Available
a. Testamentary Trust
b. Private Trust
c. Living Trust
d. Buy Sell Trust
When businesses have multiple partners and one passes away, it can be difficult to sort out the remaining shares. Businesses can set up a buy-sell agreement that says the proceeds of a life insurance policy will buy out the deceased partner’s shares and sell them back to the business. Buy-sell agreements can be an important tool for business owners’ estate planning to avoid personal and business conflicts.
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