Sadly, this could be the legacy you leave to your heirs. Think about the results this would produce and then email us for some solutions.
What Happens With No Will?
LAST WILL AND TESTAMENT OF JOHN DOE
(WHO DIED WITHOUT A WILL)
I, John Doe, of Nimrod, Missouri, hereby do make, publish and declare
this to be my last Will and Testament.
(I) I give my spouse my entire estate unless I have surviving children, parents, brothers, sisters, grandmothers, grandfathers, uncles, aunts, and relatives to the ninth degree. If any of these survive me then my spouse shall receive the first twenty thousand dollars plus one half the balance of my estate. The remaining balance shall be divided among my children or various other relatives depending on which survives me.
(II) If my spouse and I are both deceased and are survived by children under 18 years of age, the Probate Court shall appoint a conservator for my children, and the conservator shall report to the Probate Court each year and render an accounting of how, why and where he or she, spent the money necessary for the proper care of my children.
(III) The Probate Court shall also require a Performance Bond to guarantee that the conservator exercises proper judgement in the handling, investing and spending of my children’s money.
(IV) When my children reach age eighteen 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 decide to spend their respective shares.
If my wife should remarry, her second husband shall be entitled to a mandatory minimum of one-third portion of everything my wife possesses.
(I) 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.
(II) The second husband shall have sole right to decide who is to get his share, even to the exclusion of my children.
Should my wife predecease me or die while any of my children are minors, I do not wish to excercise my right to nominate the guardian of my children. Rather than nominating a guardian of my preference, the Probate Court shall select a guardian.
Under existing tax law, there are certain legitimate avenues open to me to lower death taxes. 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. There are also some probate costs and procedures I could waive by making a Will, but I elect not to take advantage of those opportunities.
I realize that this Will as written for me by the State of Missouri is not the Will I would have desired. I am truly sorry that I did not have a Will and know that my inaction has made my death a greater tragedy than it already is.
“Deceased – No signature required”
He is also a founding Board Member and Finance Director of the Fayette Pregnancy Resource Center and serves on the Board of the National Equal Rights Institute.
Latest posts by David Conley (see all)
- Tax Reform in picture format:
Our infographic explains 10 key elements of tax reform- November 9, 2018
- What happens when the heirs lose the Will?:
Here's what one family was forced to do.- September 25, 2018
- IRS Amnesty Program ends September 28!:
Non-reported foreign bank accounts will cost you dearly- September 24, 2018