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FACEBOOK Q & A – See below.
POSTED 7/22: A Will is used to:
A. Say who gets your stuff when you die.
B. Name who notifies family and other people of what’s in your Estate.
C. Say whether your Estate or beneficiaries pay death taxes and other expenses after you die.
D. All of the above.
Correct answer is D – ALL OF THE ABOVE. A Will states how your property (both tangible stuff you can see and touch, and intangible things, like bank accounts, CDs, etc.) is to be distributed at death, but in most cases does not include beneficiary assets, such as IRAs, life insurance, etc. A Will also names an Executor, and part of the Executor’s job, according to law, is to notify family and other people of what they may be entitled to in your Estate. A Will can also state whether your Estate or beneficiaries pay Inheritance Tax and other expenses owed.