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LETS TALK ABOUT ESTATE PLANNING PART III.

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We have discussed “Wills” and the need to have one in the previous edition of this article. “If you ponder on your end, you will plan about your life after death and your family after you are gone. Have you written your Will?” – Pastor E.A. Adeboye [Open Heavens, June 19th 2013] I do hope you have taken steps to put your Will in place. Please do not procrastinate. Do it now!
In this edition, we will talk about another Estate Planning tool called “TRUSTS.” i.What is a TRUST?
A Trust is an arrangement whereby one person agrees to hold property or assets for the benefit of another. A TRUST is a legal entity and assets once transferred into the Trust are managed in accordance with the written terms as documented under a TRUST DEED.
Planning your estate with Trusts provides a variety of advantages over simply relying on a Will alone. You gain enormous flexibility when you add a Trust to your mix of estate planning tools. Trusts can be used for avoidance of probate; business succession planning; …

LET'S TALK ABOUT ESTATE PLANNING PART II

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We introduced estate planning last month, and some of the tools used. This edition, we will discuss in a bit more depth some of these estate planning tools... Some types of Estate Planning tools include; ·WILL ·TRUST ·LIFE INSURANCE ·MEDICAL INSURANCE
WILL. What is a Will? A Will is a disposition or declaration by which the person making it (the testator) provides for the distribution or administration of estate after death. It is an essential part of an Estate Plan. Wills may come in various types, the difference remains in the complexity of the Testator’s Estate.
Benefits of a Will
a)A Will is the easiest tool to direct your assets to your beneficiaries. Your estate includes the property and funds owned at the point of demise.
b)A simple Will:

oappoints an executor,
omay designate people to care for minor children and
oallocates your estate between your heirs.
c)