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17 Reasons to Update Your Will

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Unleash Your Will Power If you need to make a will—or revise an old will—here are some actions that can be accomplished with your will. 6 ] Make gifts. You can give jewelry, art, or other prized possessions to those who will appreciate them. 7 ] Create a trust for your loved ones. This is a good way to protect family and safeguard money. A professional trustee can manage your money wisely and make sure your beneficiaries receive enough income to maintain their standard of living. 8 ] Name your executor (personal representative). Before you choose an executor, weigh the qualifications of your choice against the many critical duties required. 9 ] Cut your estate taxes. Trusts can be created inside your will to take advantage of estate tax saving techniques. One such trust, the bypass trust, is created to pay income for your spouse's life, yet is designed to bypass his or her taxable estate. 10 ] Name a guardian for a child with special needs or a dependent under your care. Choose someone who's willing and qualified to take the job and who shares your values and way of life. 11 ] Pass on a closely held business. You can provide for the management and disposition of your interest in a closely held business to preserve its value and your family's participation. Keep It Current When life changes, so should your will. Ensure that this important document matches your current wishes by reviewing it every few years.

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