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Every person’s situation is different and therefore no two estate plans are identical. For some, a simple will may be able to accomplish most, if not all, of what a more complicated estate plan can. A simple will is a document which can take care of distributing property after your death, name a guardian for your minor children, place someone in charge of managing your children’s financial affairs, and appoint someone to act as the executor of your estate.

Even if you are considering a trust a will should accompany the trust. This type of will is referred to as a pour over will, and names your trust as the principal beneficiary of your property. Thus, any property which failed to be transferred to the trust during your lifetime is added to the trust upon your death and distributed to (or held for the benefit of) the beneficiary according to the trust instructions.

 

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