Should I have a trust or a will?
For most people, a will forms the basis of their estate plans. You need a will if you wish to name guardians for your minor children, and you can use the will to transfer property. (Keep in mind that beneficiary designations on your 403(b) or 457 plan, insurance policies and IRAs will supersede your will's instructions.) However, a trust can provide more flexibility than a will, avoid probate (the legal process of validating a will), give you more control over the disposition of your estate and, in some cases, save on estate taxes. Talk to an estate planning attorney for more guidance.
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