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When it comes to estate planning, two of the most common tools are wills and trusts. A will is a legal document that outlines how your assets will be distributed after your death, while a trust is a legal entity that holds your assets for the benefit of your beneficiaries.
Wills go into effect only after your death, while trusts can be used during your lifetime. Trusts can also help avoid probate, which can save time and money for your heirs.
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