Describe the basic clauses normally included in a will and the requirements regarding who may make a valid will.
Answer to relevant QuestionsDistinguish between long-term, intermediate, and short-term financial goals. Give examples of each.How can changes in the provisions of a will be made legally? In what four ways can a will be revoked?What is the right of survivorship? What is community property, and how does it differ from joint tenancy with regard to the right of survivorship?The two basic techniques of estate planning are(1) Dividing your estate and (2) Deferring income to minimize taxes.Describe and discuss each of these techniques.Your best friend has asked you to be executor of his estate. What qualifications do you need, and would you accept the responsibility?
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