You can save considerable estate tax by utilizing prudent estate planning techniques. You can provide support for charitable causes that have had special meaning to you. State statute determines how your property is distributed. A court appoints an administrator for you. Court supervision of your estate administration increases your expenses.
Heirs benefit equally by class.
Your estate may be diminished by needless taxes. You cannot support a charitable cause. A specific bequest is a designated bequest of cash, securities, or other property specified as a dollar amount, a particular asset such as your retirement benefits, or a fixed percentage of your estate. A residuary bequest leaves your estate, or a percentage, to the Colleges after you have provided for other beneficiaries by specific bequests. A contingent beneficiary, such as the Colleges, would receive all or a portion of your estate if your named beneficiaries do not survive you.