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For most people, wills are actually a backup plan to their living trust. They’re sort of like a fire-extinguisher – good to have for emergencies, but not intended for actual use. Wills do however, actually serve one key functions
In a will you name your children’s guardians. If you have young children, deciding who will take care of your children should something happen to you is a vital question to answer.
For small estates, a will may be the centerpiece planning document, instead of a trust. Read more about the differences between a will and a trust here.
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