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Choosing the right type of will is a key issue in estate planning

Making a will is a significant step for individuals or couples who want to ensure the well-being of their loved ones in the future. However, it is not a simple process. People creating a will must choose from a variety of types of wills after deciding which kind of will may best suit their needs. Selecting the proper type of will is an important issue for people in Texas and throughout the nation who are concerned about planning their family’s financial picture.

A single will, which applies to the wishes of an individual person, is one of the most common types of wills. Couples who agree on the plans for their estate may consider a mirror will, which is often less expensive than creating two single wills. A living will pays special attention to explaining how family members should act with regard to medical treatment designed to prolong life. Other types of wills include an asset protection will and a discretionary trust will.

Researching and choosing the right kind of will are crucial considerations in the process of estate planning. Creating the proper will helps to ensure that the heirs of an individual or couple will receive a proper distribution of assets. The right type of will can offer tax advantages for a family’s heirs. It can also help ease the emotional strain that often follows the death of a beloved family member.

An experienced estate planning lawyer may assist clients by guiding them through the process of researching, selecting and creating the proper type of will. By listening to the concerns of clients who are interested in making a will, an estate planning lawyer may play a role in simplifying the complex process of will creation and estate administration.

Source: YourMoney.com, “A grave issue: which will is right for you?“, July 30, 2013