AC561 Taxation of Estates and Trusts

Unit 3 Discussion

Discussion Topic

Throughout this course, many discussion opportunities are provided to which you need to respond to other people's opinions and comments. Please address the Discussion topic after you have completed your reading.

This discussion topic will provide an opportunity to explain the guidelines for preparing a will.

Discussion Topic: Guidelines for Creating a Will

Your grandmother has approached you to explain to her the process involved in creating a will. In response to your grandmother's request, explain at least 5 of the 13 guidelines listed in Chapter 5 of the textbook. For each guideline you discuss, reference a section of the tax code that will be relevant to your grandmother's will. Note that the preparation of a will impacts property transfer and estate taxes.

The 5 guidelines are:

Avoid the Use of Preprinted Will forms

Use the same Word-Processing software and Computer Printer typeface

Use Words that Avoid Ambiguity

Use simple Language

Place small estates in Joint tenancy