Everyone Has a Will

Many people have taken the time to sign a Last Will and Testament. Those who have never signed a Will may wonder what happens to their assets and their family in the event of death. Well, there is a good news and bad news. The good news is that even those who die without signing a Will actually do have a Will. The bad news is that their State Legislature wrote it for them.

Let's assume you are married and have minor children and have not signed a Last Will and Testament. In that case your actual "Will" basically reads as follows:

LAST WILL AND TESTAMENT

OF

JOHN DOE

(Courtesy of the State of Alabama)

Introductory Clause. I, JOHN DOE, a resident of and domiciled in the County of Jefferson and State of Alabama, have decided not to execute a Will and thereby rely on the default rules of succession provided by the Alabama Legislature.

I am married and my wife’s name is: JANE DOE.

I have two living children: JEFF DOE and JOHN DOE, JR.

ITEM I

Direction to Pay Debts. My Administrator shall pay all debts and expenses of my estate.

ITEM II

Disposition of the Estate. My estate shall be distributed as follows:

(1) Fifty Thousand Dollars ($50,000) shall pass to my wife, JANE DOE.

(2) The remainder of my estate shall be further divided as follows:

(a) One-half of my estate shall pass to my wife, JANE DOE.

(b) One-half of my estate shall be distributed in equal shares to my children, JEFF DOE and JOHN DOE, JR.

I understand that I am unable to make any provisions for charity.

ITEM III

Naming the Personal Representative. I hereby waive any right to appoint someone to manage my estate. I am going to rely on the Probate Court to appoint an Administrator. Further, in the event my family does not petition said Court within Forty-Five (45) days of my death, the County Administrator (a government appointed attorney) will have the right to serve as my Administrator. I did not waive the requirement to post a bond and therefore my Administrator must pay for a bond premium out of the assets of my estate.

ITEM IV

Guardian for Minor Children. If my wife should predecease me, I hereby relinquish all right to name a guardian for my minor children and will rely on the Probate Court to appoint someone to raise my said children for me.

ITEM V

Provisions for Beneficiaries. If any beneficiary has attained the age of Nineteen (19), then his or her share of property shall be distributed to him or her outright. If any beneficiary is a minor, such minor shall place his or her assets in a court created conservatorship (until age 19). I recognize that a conservatorship is a costly and cumbersome mechanism.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my seal this the _____ day of ___________, 2008.


NO SIGNATURE NEEDED