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My husband and I have simple wills. That's the first step in estate planning, to have a will. We do need to review them, especially since kids will be out of college soon (no need for that bit about guardians, for example).

If we had a lot of assets, we might look at a revocable living trust (keeping a will to handle anything that we might miss getting into the trust).

More than that, we don't need. Then again, we're planning to spend and give away while we're alive -- there won't be much left to pass on. Well, if all works out as planned (thus the need for a will at least, as things don't always work as we plan).

Consider making use of "pay (or transfer) on death" bank and brokerage accounts. These can be used on joint or individual accounts, and bypass hassles of getting the "left-over" into the hands of an heir. The designated beneficiary simply becomes the owner of the account by presenting a copy of the death certificate.

If there are multiple heirs you might consider setting up accounts that would be POD for each, if this doesn't get too tricky.

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