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Do you have a will or trust set up?
Explanation:
A will is a written document expressing a deceased person’s wishes related to naming guardians for minors and bequeathing their assets such as real estate, money, valuables, etc. It becomes active only after one’s death. A will need to go through court before it can be distributed to your loved ones.
A trust is a legal arrangement where you, a grantor, designate a trustee who holds legal possession of any assets or property that are included in the trust. Upon the grantor’s death, the assets and properties will flow to the beneficiary without having to go through the court system.