Explaining wills and trusts | Personal Finance

It’s never too early for adults to think about estate planning. Estate planning is an important part of money management. While it’s easy to think of estate planning as just a way to dictate how your assets are allocated after your death, estate planning can also protect people and their money should accidents or injuries make them incapable of managing their finances on their own.

Some familiar terms may come up when people begin planning how they hope to transfer their assets. Two more common terms are wills and trusts. Understanding the distinctions between the two can help people as they begin estate planning.

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