THE STATE'S DEFAULT ESTATE PLAN FOR YOU
(* The actual state laws have been worded into a Will format for effect *)
Being of sound mind and memory, I do hereby publish this as my Last Will and Testament:
First: I realize that if I had created a Trust, my beneficiaries would have been able to receive all my assets tax free and with a 100% stepped-up basis. However, I thought creating a Trust was too time consuming and not worth the money. Instead, I feel the government, through the Probate process, was best equipped to handle the wrapping up of my affairs. I understand that to get this service, my estate may be mired in the overwhelmed Court system for well over 2 years. Additionally, I understand that assets will be reassessed, taxes will need to be paid, Probate fees will be incurred, as well as large statutory attorneys' fees, causing a bulk of my estate to be used for purposes other than being inherited by my beneficiaries, but saving a few bucks on creating the Trust was worth it to me.
SECOND: 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.
- Rather than nominating a Guardian of my preference, I direct my relatives and friends to get together of figure out who will be the Guardian by mutual agreement.
- In the likely event that they fail to agree on a Guardian, I direct the Probate Court to make the selection. The Court may appoint a stranger acceptable to it.
THIRD: I assume the financial ramifications of my death will be minimal, and as such, I give my wife only one-third of my possessions, and I give my children the remaining two-thirds.
- I appoint my wife as 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 and why and where she spent the money necessary for the proper care of my children.
- 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, investment and spending of the children's money.
- As a final safeguard, my children shall have the right to demand and receive a complete accounting from their mother of all her financial actions with their money as soon as they reach the age of 18.
- When my children reach the age of 18, they shall have full rights to withdraw and spend their entire inheritance of my estate on whatever they please. No one shall have any right to question my children's actions on how they decide to spend their respective shares.
FOURTH: Under existing tax law, there are certain legitimate avenues open to me to lower estate taxes, capital gain taxes and other excessive Probate Costs. Since I prefer to have my money used for governmental purposes rather than for the benefit of my wife and children, I decided not to prepare a Trust and direct that no effort be made to lower any taxes.
In witness thereof, I have set my hand to this Last Will and Testament.