Build Your Best Estate Plan Yet With Help From Best Money Moves
A 2024 survey conducted by Ameriprise Financial shows that over 50% of participating couples did not have an estate plan in place. And there’s a good chance you may have neglected your estate plan, too.
You don’t have to let legal complexities and a pile of paperwork stand between you and a financial legacy you can be proud of. Best Money Moves is here to help you begin your estate planning journey. We’ll start by breaking down a core concept in estate planning: What’s the difference between wills and trusts?
How they work:
● Wills name a third-party executor to file your estate’s taxes, settle your estate’s debts and distribute your assets to beneficiaries according to your instructions.
● Trusts appoint a third-party called a trustee to manage the trust’s assets and distribute them to beneficiaries according to its terms.
When they take effect:
● Wills activate only after death.
● Trusts can be established while you’re still living.
When they involve the probate court:
● Wills pass through a legal process known as probate.
● Trusts avoid the probate process altogether.
Who may benefit:
● Wills benefit the majority of people, even those with simple, no-frills estates.
● Trusts work best for anyone with complex, highly-valued estates and specific financial goals like minimizing estate taxes.
Visit the Best Money Moves Resource Library for more on how to use wills and trusts to protect your estate and provide for your loved ones.
● What is a will?
● What is a trust?
● What is probate?
● 6 major estate planning mistakes to avoid
● Ensuring an inheritance for your family
● Should estate planning documents be part of my financial strategy?
● What’s the best way to accurately value your assets?
● What is an estate planning attorney and how can I choose one I trust?
● How often should I update my estate-planning documents?
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