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The Big Picture. . . Updating and Reviewing Your Estate Plan
You need to review your plan at certain times of your life to make sure they are still what you want. Wills give you control over how your possessions are distributed, but the person you choose as an executor should be a trusted person. The role of executor is administratively tough. Find out about guardianship, and the many different ways they can protect your property, your children, and even you-if you become incapacitated. A power of attorney covers many situations, but you have to know which one to ask for and how to make it work in your situation. Living wills and medical directives allow you to control what will happen to you and who will make decisions for you if you can't speak for yourself.
Trusts provide you with a tool to help your loved ones financially when you die-and when you don't. Explore the many different kinds of trusts and see if any of them will help pass on more of your money and protect your family. You'll want to know the tax consequences of inheriting money and property. Military personnel have special requirements and special services available to help them.
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