N—SIMPLE Will

A will is the single most basic and necessary tool in estate planning. By having a will, we can be sure that property goes towhomwe want, and in theamountswe want, rather than as provided under a state’s intestacy laws.

Although there are various types of wills, the most common is often called thesimplewill. The majority of simple wills provide for: (1) payment of just debts and expenses; (2) appointment of an executor or executrix; (3) specific bequests; (4) transfer of the entire estate to the surviving spouse; (5) if there is no surviving spouse, then transfer of the estate to children or other heirs; and (6) appointment of a guardian or guardians for minor children and their property.

UPON THE FIRST DEATH, the simple will generally passesallproperty to the surviving spouse. No matter how large the estate,no taxeswill be paid on this transfer. This is possible because of the unlimited marital deduction.