Estate Planning Basics | Family Trustees

A will is a legal document that outlines how an individual's assets will be distributed after their passing. A trust is a separate entity that holds assets for the benefit of beneficiaries. Beneficiary designations play a critical role in estate planning. Estate planning can help individuals avoid probate and minimize taxes. Estate planning involves tax planning to minimize taxes and maintain control over assets. Estate planning has significant cultural and social implications. Digital assets require special consideration in estate planning.