Estate Planning

Last Will and Testament IF You Do No Estate Planning 

If you have no will or living trust the state provides you with one.

Being of sound mind and memory, I __________________________________, do hereby publish this as my last Will and Testament:

FIRST:                   I direct my estate be distributed to my spouse and family according to state law which can result in various splits between my spouse, my children or my other family members depending upon who survives me, whether my children are of my current marriage and the value of my estate and I realize this method leaves me no control over who receives what parts of my estate.

SECOND:             I do not want any responsibility in deciding how my spouse and children are to receive my estate or who is to receive my estate and manage it for my children if they are minors or otherwise need help in managing assets.  I forgo the opportunity to take advantage of estate planning techniques which may be more advantageous for my spouse, children and other descendants.

THIRD:                 I do not want any responsibility in deciding how my business will be passed down to my children or key employees or making sure that is an orderly transition.  I recognize most likely the business will be sold to third parties probably for less than it is worth.  I do not care if my children in the business fight with those out of the business or if my children out of the business force a sale of the business.  If I am in business with others I forgo the opportunity to have orderly control over what happens to my business interest and the opportunity to maximize and make sure my spouse and heirs receive what my interest is worth.  

FOURTH:             Should my spouse remarry, the second spouse may be entitled to my estate and my spouse’s estate and the second spouse shall not be bound to spend any part of his/her share for the support of my children and may use my assets and my spouse’s assets for and leave them to his or her children.

FIFTH:                   Should my spouse predecease me, I do not wish to exercise my right to nominate the guardian of my children. 

                              Rather than nominating a guardian of my preference, I direct my relatives and friends to get together and select a guardian by mutual consent.  In the event they fail to agree on a guardian, I direct the court to make the selection and unnecessary time and money be spent in court.

SIXTH:                  Under existing tax law, there are certain techniques available for minimizing death taxes on my estate and income taxes on my retirement plan or IRA but I am foregoing the opportunity to take advantage of those techniques and wish the government to be one of my beneficiaries.