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The different types of estate plans and their benefits

Estate planning is a process that helps individuals and their families create a plan for their financial future. It involves creating a will, making provisions for heirs, and other important decisions about your estate. There are a few different types of estate plans and each has its own benefits. You can get the best estate planning services via https://www.apsitaxes.com/services/estate-planning. 

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Here's a look at the different types of estate plans and their benefits:

1. Will: Most people have a will, which is a legal document that sets out how your property and money will be distributed after you die. A will can help avoid probate, which is the court process used to distribute your property after you die.

2. Trust: A trust is another type of estate plan that allows someone else (a trustee) to manage your property while you are still alive. This type of plan is usually preferable if you don't want your assets distributed immediately after your death or if you don't have enough money to set up a Will. Trusts can be established before death or at any time afterward.

3. Living Trust: A living trust is similar to a trust but uses the power of attorney granted by the settlor (the person creating the living trust) instead of having an appointed trustee handle all the dealings with the estate once he or she dies. This type of trust is often recommended if the person creating the trust is not able to make sound decisions about their estate or if they do not want to leave any assets to their children.

There are a few different types of estate plans and each has its own benefits. A will is the most common type of estate plan, but there are also trusts and living trusts. Each type of estate plan has its own advantages and disadvantages, so it's important to choose the one that is best suited for your situation.