PREPARING A LAST WILL AND TESTAMENT
The greatest value in ownership of property, be it personal property,
real property or intellectual property, is having the absolute right to
determine what is to be done with that property both during your
lifetime and at the time of your death. Leaving this world without a
proper financial plan, including a properly drawn Last Will and
Testament, vacates that right and leaves the disposition of your
property to the Courts and the statutes in place at the time of
your death.
In addition, and some would argue more importantly, death without a
Last Will and Testament may subject your life's earnings to the most
onerous and expensive taxes known, the federal state tax and the
state inheritance tax. These tax bills can devastate a family during a
time which has already been made difficult by your death. Surviving
family members may be burdened with the task of selling the family
business or farm, just to satisfy a tax bill that can exceed 50 percent
of the value of the life's work intended for the family's next generation.
In order to illustrate the dangers of dying without a Last Will and
Testament, consider the following Last Will and Testament,
drawn for you by the State.
LAST WILL AND TESTAMENT OF JANE DOE
WHO DIED WITHOUT A LEGAL WILL. DRAWN
UP FOR HER BY THE STATE
I, JANE DOE, of Anytown, Tennessee, being of sound and disposing mind and
memory and being over the age of 18 years, hereby do make, publish and declare
this to be my Last Will and Testament.
FIRST ARTICLE
I give my husband only one-third of my property and I give the remaining
two-thirds to my children.
SECOND ARTICLE
I appoint my husband as guardian of my children, but as a safeguard I
require that he report to the Courts each year and render an accounting of how,
where and why he spent the money necessary for the proper care of my
children.
As a further safeguard, I direct my husband to produce to the Courts a
performance bond to guarantee that he exercise proper judgment in the handling,
investing and spending of the children's
money.
As a final safeguard, my children shall have the right to demand and
receive complete accounting from their father as to all of his
financial actions with their money as soon as they reach the legal age 18.
When my children reach the legal age of 18, they shall have the full and
complete right to withdraw and spend their shares of my estate. No one shall
have any right to question my children's judgment or maturity as to how they
decide to spend their respective shares.
THIRD ARTICLE
Should my husband remarry, his second wife shall be entitled to receive
one-third of everything my husband owns when he dies.
Should my children need some of this share for their support, the second wife
shall not be bound to spend any part of her share on my children's behalf.
The second wife shall have the sole right to decide who is to get her
share of my husband's estate, even to the exclusion of my children.
FOURTH ARTICLE
Should my husband predecease me or die while any of my children are
still minors, I do not wish to exercise my right to nominate and choose the
guardian for my children. Rather than nominating and choosing a guardian
of my preference, I direct my relatives and friends to get together and select
a guardian by mutual agreement.
FIFTH ARTICLE
Under the existing tax laws, there are certain legitimate avenues open to
me which would help to lower any death taxes on my estate. Since I prefer to
have my money used for governmental purposes rather than for the benefit of my
husband and children, I direct that no effort be made to lower any of these
taxes.
IN WITHNESS WHEREOF, I have set my hand and seal to this, my Last Will and Testament, on this
___________ day of ________________, 20__.
______________________________
JANE DOE
PROVIDED AS A COURTESY OF:
LAW OFFICE OF MARSHALL M. SNYDER
6001 Asberry Court
Nashville, TN 37221
615-673-7636
e-mail: [email protected]
The greatest value in ownership of property, be it personal property,
real property or intellectual property, is having the absolute right to
determine what is to be done with that property both during your
lifetime and at the time of your death. Leaving this world without a
proper financial plan, including a properly drawn Last Will and
Testament, vacates that right and leaves the disposition of your
property to the Courts and the statutes in place at the time of
your death.
In addition, and some would argue more importantly, death without a
Last Will and Testament may subject your life's earnings to the most
onerous and expensive taxes known, the federal state tax and the
state inheritance tax. These tax bills can devastate a family during a
time which has already been made difficult by your death. Surviving
family members may be burdened with the task of selling the family
business or farm, just to satisfy a tax bill that can exceed 50 percent
of the value of the life's work intended for the family's next generation.
In order to illustrate the dangers of dying without a Last Will and
Testament, consider the following Last Will and Testament,
drawn for you by the State.
LAST WILL AND TESTAMENT OF JANE DOE
WHO DIED WITHOUT A LEGAL WILL. DRAWN
UP FOR HER BY THE STATE
I, JANE DOE, of Anytown, Tennessee, being of sound and disposing mind and
memory and being over the age of 18 years, hereby do make, publish and declare
this to be my Last Will and Testament.
FIRST ARTICLE
I give my husband only one-third of my property and I give the remaining
two-thirds to my children.
SECOND ARTICLE
I appoint my husband as guardian of my children, but as a safeguard I
require that he report to the Courts each year and render an accounting of how,
where and why he spent the money necessary for the proper care of my
children.
As a further safeguard, I direct my husband to produce to the Courts a
performance bond to guarantee that he exercise proper judgment in the handling,
investing and spending of the children's
money.
As a final safeguard, my children shall have the right to demand and
receive complete accounting from their father as to all of his
financial actions with their money as soon as they reach the legal age 18.
When my children reach the legal age of 18, they shall have the full and
complete right to withdraw and spend their shares of my estate. No one shall
have any right to question my children's judgment or maturity as to how they
decide to spend their respective shares.
THIRD ARTICLE
Should my husband remarry, his second wife shall be entitled to receive
one-third of everything my husband owns when he dies.
Should my children need some of this share for their support, the second wife
shall not be bound to spend any part of her share on my children's behalf.
The second wife shall have the sole right to decide who is to get her
share of my husband's estate, even to the exclusion of my children.
FOURTH ARTICLE
Should my husband predecease me or die while any of my children are
still minors, I do not wish to exercise my right to nominate and choose the
guardian for my children. Rather than nominating and choosing a guardian
of my preference, I direct my relatives and friends to get together and select
a guardian by mutual agreement.
FIFTH ARTICLE
Under the existing tax laws, there are certain legitimate avenues open to
me which would help to lower any death taxes on my estate. Since I prefer to
have my money used for governmental purposes rather than for the benefit of my
husband and children, I direct that no effort be made to lower any of these
taxes.
IN WITHNESS WHEREOF, I have set my hand and seal to this, my Last Will and Testament, on this
___________ day of ________________, 20__.
______________________________
JANE DOE
PROVIDED AS A COURTESY OF:
LAW OFFICE OF MARSHALL M. SNYDER
6001 Asberry Court
Nashville, TN 37221
615-673-7636
e-mail: [email protected]
