B—Advantages of a Will

There are certain analogies that may be drawn between the will and the life insurance policy. Both are instruments of estate conservation and distribution. Both are essential items in any practical and effective estate plan. When an individual buys life insurance, he or she creates a special estate and (through the beneficiary designations and settlement options) arranges for its distribution upon his or her death. When an individual makes a will, he or she arranges for distribution upon his or her death of whatever general estate he or she then has.

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