Haag Law Offices, P.A.
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Wills Archives

What is a Trust?

What is a trust, and how can it be used in your estate planning?  Think of a trust as an entity separate and apart from you.  It is a lot like a corporation in that it can have its own federal tax identification.  It can own property.  And it can be required to file a tax return.


There are several reasons why someone would want a will.  The first is to basically say "who gets what" when you die.  If you die without a will, the courts will determine this in accordance with state law; a situation most people would not prefer.  The second reason for a will is to more easily facilitate the process of transferring your assets to your proposed beneficiaries.  This process refers to the probate of your estate.  A well written will (and estate plan) can minimize the complications and expense around this process.  Lastly, a will (and estate plan) can be used to minimize the taxes that will be due to the government when you pass away.