When No ‘Last Will’ Exists: What could happen

Ever wonder what happens if you die and have not written a Last Will?   The following document is a what could happen if that scenario happens to you.  In essence this is what you are actually doing by not meeting

with a trust and estate attorney and drafting and executing a Last Will and Testament.  When we meet with individuals, we always inquire about their estate documents, and recommend that everyone, especially parents of young children, have 3 estate documents: a Will, Power of Attorney and a Medical Directive.

My guess is that the Will below would not be your wishes, but this is what you are actually doing when you do not have one drafted.   If this is not what you would want, schedule an appointment with a competent trust and estate attorney today to have your wishes documented in these three documents.

Last Will And Testament

 The Will for Those who never drafted One:

Being of sound mind and memory, I,  ——-  hereby publish this as my Will and Testament: FIRST, I give my wife only one-half of my possessions, and I give my children the remaining half.

(A)      I appoint my wife the guardian of my children, but as a safeguard I require that she report to the Probate Court each year and render an accounting of how, why, and where she spent the money necessary for the proper care of my children.

(B)      As a further safeguard, I direct my wife to produce to the Probate Court a Performance Bond to guarantee that she exercises proper judgment in the handling, investing, and spending of the children’s money.

(C)      As a final safeguard, my children shall have the right to demand and receive a complete accounting from their mother of all of her financial actions with their money as soon as they reach legal age.

(D)     When my children reach age 18, they shall have full rights to withdraw and spend their share of my estate. No one shall have any right to question my children’s actions on how they spend their respective shares.

SECOND, Should my wife remarry, her second husband shall be entitled to one-third of everything my wife possesses. Should my children need some of this share for their support, the second husband shall not be bound to spend any part of his share on my children’s behalf.

(A)    The second husband shall have sole right to decide who is to get his share even to the exclusion of my children.

THIRD, Should my wife predecease me or die while any of my children are minors, I do not wish to exercise my right to nominate the guardian of my children.

(A)      Rather than nominating a guardian of my preference, I direct my relatives and friends to get together and select a guardian by mutual agreement.

(B)      In the event that they fail to agree on a guardian, I direct the Probate Court to make the selection.

If the court wishes, it may appoint a stranger acceptable to it.

FOURTH, Under existing tax law, there are certain legitimate avenues open to me to lower death rates. Since I prefer to have my money used for governmental purposes rather than for the benefit of my wife and children, I direct that no effort be made to lower taxes.

IN WITNESS WHEREOF, I have set my hand to this my LAST WILL AND TESTAMENT This_ Day of                                  ,, 20_

Benefactor _____________________

Witness ________________________

Make the call today!

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The foregoing content reflects the opinions of Crimmins Wealth Management and is subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that the statements, opinions or forecasts provided herein will prove to be correct. Past performance may not be indicative of future results. All investing involves risk, including the potential for loss of principal. There is no guarantee that any investment plan or strategy will be successful.

About Maureen Crimmins

Maureen Crimmins is co-founder of Crimmins Wealth Management and a fee-only independent financial advisor. Have a financial question? ASK MAUREEN


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