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Lombard estate planning attorneysYour family should not need to worry about your finances and assets after you die. That is why it is so important for you to create an estate plan. Even people of modest means have an estate and multiple options to choose from to ensure that their affairs are in order when the time comes. Two popular options are wills and living trusts. Understanding the difference between the two can help you decide which one is your best option.

A Last Will and Testament

A will is a legally binding written document that dictates how your property and assets will be distributed when you die. You can modify your will at any point during your lifetime, which means that the terms are not set in stone at the time of writing them. You can use a will to name a guardian of minor children in the event of your death, decide how debts and taxes will be paid, and name an executor of your estate.

Living Trusts

A living trust is a legal entity that is created to hold and own property. A trust is managed by a trustee, which is usually the owner, at least during his or her lifetime. The owner is also usually the beneficiary while they are alive. A trust usually names a successor trustee who will take over the management of the trust when the owner dies. Your assets can be dispersed to named beneficiaries when you die, and you will be able to maintain privacy regarding how these affairs are handled.

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