As of this writing, there is no federal estate tax on the estates of people who die in 2010. Congress probably will reinstate the tax in some manner this year. Meanwhile, your will might be difficult or impossible to interpret as a result of the estate tax expiration.
That’s because many wills refer to the estate tax. Your attorney might have included a phrase such as, "I leave the amount exempt from federal estate tax to my son John and my daughter Mary while the rest of my estate shall go to my spouse."
If you should die when there is no federal estate tax, such language is ambiguous and disputes may arise.
Therefore, you should pull out your will and see if contains such language. If so, consult your lawyer about adapting your will so that any confusion is avoided. Be ready for another review of your will once estate tax law becomes clearer, this year or next.
