What are my options for estate planning?
An example of an AI chatbot conversation about estate planning options.
What are my options for estate planning?
You have several options for estate planning, including wills, trusts, and powers of attorney. Would you like to know more about each?
Yes, please explain the differences between a will and a trust.
A will outlines how your assets will be distributed after your death, while a trust can manage your assets during your lifetime and after. Trusts can also help avoid probate.
What is probate and why should I avoid it?
Probate is the legal process of validating a will and distributing assets. It can be time-consuming and costly, which is why many prefer to avoid it through trusts.
Are there any tax implications I should be aware of?
Yes, estate planning can have tax implications, such as estate taxes and gift taxes. It's advisable to consult a tax professional for personalized advice.
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