There are many tools you can use to achieve your estate planning goals, but a will is probably the most vital. Even if you're young or your estate is modest, you should always have a legally valid and up-to-date will. This is especially important if you have minor children because, in many states, your will is the only legal way you can name a guardian for them.
A will can also allow you to:
- Name an executor to administer your estate according to your wishes
- Help minimize estate taxes and other costs
- Specify how estate taxes and/or other expenses should be paid
- Create a testamentary trust
- Fund a living trust
If you don't have a will, or haven't reviewed your will lately, don't put it off--it's just too important. Learn more about Establishing a Will.
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