WILLS

Who needs a will anyway? Every adult over the age of eighteen who has property and/or children is foolish not to have a will under the current law of New Jersey. Actually, for those without a will, the State of New Jersey has written one for you. Your will is called the Intestate's Will Intestate means to die without a will. It goes something like this:

                          The Intestate's Will

I, Peter Procrastinator, being of sound and disposing mind and memory and not acting under duress, menace, fraud or undue influence of any person whomsoever, make this will.

                                   Article 1

I leave the first $50,000 of my estate to my surviving wife, with the excess over $50,000 to be divided amongst my wife and children. The share to my children shall go to them outright without restriction even if they are only eighteen years of age.

Should my wife die before me and I leave an estate in excess of $3,500,000 (unless I die in 2011 and then who knows?), it is my intention to leave at least 1/3 of the excess to my beloved government and its benevolent collection branch, the Internal Revenue Service.

Should my wife and I die in a common disaster, leaving no children, I direct that my relatives and my wife's relatives engage in destructive, expensive litigation to determine which of us died last, thereby passing the entire estate to the surviving spouse's relatives.

Should my wife die before me, leaving no descendants, I give all of my property to the great State of New Jersey since no one could possibly deserve it more.

                              Article II

I direct that the local surrogate's court appoint someone they think fit to administer my estate and charge a commission to next column
  manage and distribute my estate. I order that my administrator make application to the court and pay expensive court costs and legal fees to sell my assets, including my home.
I further order that my administrator provide the court, at the expense of my estate, a formal accounting of expenses and pay for an expensive surety bond to protect my beloved creditors.

                                Article 111

Should my wife die before me, I leave it to my relatives and my wife's relatives to select a suitable guardian for our minor children. If they cannot agree, I direct that they engage in expensive litigation and for the court to ultimately decide what is best for my children by appointing a proper guardian.

In Witness Whereof, I have hereunto set my hand and seal this day of , 2        .

(read but not signed)

_______________________
Peter Procrastinator (L.S.)

I have never had a client call and ask for a will which remotely approaches the terms of the Intestate's Will. If you do not have a will, call for an appointment to assure that this does not happen to you.

For those of you with wills, dust them off every two or three years to review the contents, particularly:

• Are the beneficiaries selected still appropriate?
  
• Review your choices of executor, trustee and guardian.
  
• Take inventory of your assets including life insurance. 
• Is tax planning needed for your estate?
  

Leave an inventory of your assets including account numbers and addresses with your will.