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WILL AND TRUST
- An Estate is the collective sum of an individual's net worth, including all property, possessions, and other assets.
- Estate planning is the process of deciding on and documenting a plan for what will happen to your property and belongings when you become incapacitated or die.
- Estate Plan consists of a range of documents and legal arrangements, including a will, trust, power of attorney, and beneficiary designations.
- A Will is a document written by someone, called the testator (a female is sometimes known as the testatrix), that details what property he owns and to whom it should be distributed after his death.
- A Trust is a legal entity that holds property for the benefit of beneficiaries and is managed by a trustee.
- Probate is the process where the decedent’s Will and property is probated by the probate court.
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