What are the main objectives of a will?

A will can:

• appoint an executor(s) or personal representative of your estate;

• appoint a guardian(s) for the deceased’s minor children;

• make certain tax elections;

• direct the payment of debts and taxes;

• establish trusts (testamentary trusts) for beneficiaries;

• dispose of (in some situations) certain assets to minimize or avoid estate taxes;

• limit the time a creditor or a disgruntled heir can challenge the disposition of assets; and

• distribute (and change ownership of) assets.

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