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Establishing Trusts
Trusts are another powerful tool in estate planning. They allow you to set conditions on how and when your assets are distributed, which can be particularly useful for managing assets for minors or beneficiaries who may not be financially responsible. Trusts can also help reduce estate taxes and avoid the probate process, which can be time-consuming and costly. There are different types of trusts, such as revocable and irrevocable trusts, each with its advantages2.