A—Simple Will

Everyone should have a will. By having a will, we can be sure that property goes to whom we want, and in the amounts we want, rather than as provided under a state’s intestacy laws.
Although there are various types of wills, the most common is the simple will. A typical simple will provides 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 passes all property to the surviving spouse. No matter how large the estate, no taxes will be paid on this transfer. This is possible
because of the unlimited marital deduction.

UPON THE SECOND DEATH, provided the estate does not exceed $13,990,000 (in 2025), the estate will not be subject to federal estate taxes.