Estate planning is the process of anticipating and arranging, during a person's life, for the disposal of their estate. Estate planning can be used to eliminate uncertainties over the administration of a probate and to maximize the value of the estate by reducing taxes and other expenses.

 

One main difference between a Will and a Trust is that a Will goes into effect only after you die, while a Trust takes effect as soon as you create it. Both documents direct who will receive your property at your death and appoint a legal representative to carry out your wishes as well as a guardian for any minor children.