CHAPTER8

The Basic Will

In This Chapter

  • Identifying yourself in your will
  • Arranging for your taxes and bills to get paid first
  • Determining who gets what
  • Avoiding snags

Now we come to the most important element of your estate plan: your will. Here you decide who will inherit your property (your beneficiaries), who will administer your estate (the executor), and who will take care of your minor children (their guardian).

For the person with an average estate (certainly under the federal estate tax exemption amount of $5,450,000 in 2016, adjusted yearly for inflation, sometimes several hundred thousand dollars under) and a rather uncomplicated ...

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