Feeling a bit dumb here
In: Economics
A will is a document that’s part of estate planning, but estate planning encompasses more than just a will. There are things like living will and powers of attorney that help address wishes in final days or when facing low prospects for recovery, mental capacity; there are trusts which are ways to set aside assets at arms length for tax purposes and control from beyond the grave; it’s setting up gifts, donations, trusts, etc. ahead of death to minimize tax impacts. A will states what happens to one’s assets and possessions after death.
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