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A will is a set of instructions setting forth how you want your asset handled after your death. Wills can be very simple documents naming the persons you want to receive certain personal or real property, to very complex documents incorporating trusts, spendthrift trusts, guardianships, and naming executors. The appropriate provisions for you will depend on your assets, circumstances, and how much control you wish to exercise over your affairs after death.
A will avoids many unnecessary costs and complications for your heirs when you die. In addition to providing instructions about gifts of your property (such as money, cars, jewelry, and investments), will can provide instructions for payment of your debts, selection of an executor ( the person who will manage the affairs of your estate), and appointment of a guardian and trustee for your young children. If your estate is very large, a will can also ensure that your estate minimizes, if not eliminates, estate taxes. Without a will, your property will be distributed according to state law and a court will chose who administers your estate and select a guardian for your minor children.
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