Estate and trust planning are important aspects of financial planning for individuals and families. Estate planning involves managing and distributing assets after death, while trust planning involves setting up a legal arrangement to manage and distribute assets during one's lifetime and after death.
Proper estate and trust planning can help to ensure that an individual's assets are distributed according to their wishes, minimize tax liabilities, and avoid probate court, which can be time-consuming and expensive. Additionally, estate and trust planning can provide protection for assets from creditors and ensure that beneficiaries receive their inheritance in a timely and efficient manner.
Without proper planning, an individual's assets may be distributed according to state laws, which may not align with their wishes. Estate and trust planning can be complex, and it's important to work with a qualified professional to ensure that assets are properly protected and distributed.