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Wills are generally the centerpiece of an estate plan, allowing people to direct how their property should be divided and who should get it after they die.

Anyone can create a will with an inexpensive software package or, if there are significant assets or a complicated plan for dividing your property, you can pay an attorney several thousand dollars to draft one a will. In either case, it's money well spent.

Discourage your parents from trying to save money by having a joint will, in which each one leaves all money and property to the other. Each parent should have a separate will -- and consider covering the key points discussed below.