Death is inevitable, and so are taxes. But you have ample flexibility to decide how much you pay the taxman - and what your loved ones get to keep - after you die. The trick lies in planning your estate, creating a plan of what will happen with everything that you own or control.

People often conflate the drafting of a will with proper estate planning. A will is a legal document and it gives your family and the executor of your estate a good idea of what they should do with everything you own.

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