A Last Will and Testament is the most commonly used estate planning tool. Many people use it in conjunction with other devices, such as a trust. It is a legal document and through it you can accomplish many things. You can give away your belongings, name a guardian for your children, cancel any debts owed to you by another person, transfer property into an existing trust, or designate a trusted person to administer your estate (called an “Executor”). If you care about what happens with your property when you die, even if you own only a small amount of cash and few belongings, then a will can reflect your wishes after you die.
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