Larry has expanded his business. When he met with his accountant at the end of the year, he learned that his total assets are in excess of $1 million. His accountant asked Larry if he had a will, and Larry said he had been too busy to develop one. His accountant strongly recommended that Larry contact an estate planning attorney.
a. What advise do you think the estate planner will give Larry with respect to establishing a will? b. What do you advise?