Last Will and Testament (Part I)

My wife and I do not have a will. This is not a problem if one of us dies, as everything but one of our cars is held in joint tenancy or one of us, as in the case of my life insurance policy, is the clearly named sole beneficiary. This is not wise, particularly if you have minor children. In such a case naming a guardian and providing for their care is of paramount importance. That was never an issue with us, because we do not have any children.

However, what happens if we both die at the same time? We have been blessed with enough wealth that I don’t want the state making those decisions for us. Recently, for the first time we met with an estate planner. Surprisingly, my wife and I were able to construct the basic outline of our plans with a minimum of difficulty. The particular details, such as the exact nature of a proposed charitable trust and the possible conversion of a Thrift Savings Plan (401-K) to an annuity at the time of my death are no where near ready for our signatures.

It is obvious, even after one meeting, that whatever comes out of this process is not going to be a simple document. Who will see to it that the terms of our wills come to pass in this material world? Again if one of us dies it is pretty easy. My wife will be my executrix and I will be the executor of her will if she happens to die first. Since our desires are that the surviving spouse gets everything that will be a pretty simple task.

Naming an executor to close out our affairs after we both die is a serious question and not a small job. Papers must be filed with the appropriate Probate Court and taxes will need to be paid. Since we have no debts beyond a single credit card balance that is paid in full every month executing that responsibility will be a minor task. At this particular moment, planning an estate sale would be a very significant task as it would involve preparing our house for market. Also, it is possible that someone might take exception to the terms of our wills. In such a case, the executor would need to act as a diplomat in our absence or deal with the unlikely possibility of a lawsuit contesting our wills. It seems to me we will need to name a primary executor from our generation and a secondary, younger, executor in case the primary executor dies or becomes incompetent before we pass.

All this is very new to me. I am just beginning to learn about many topics that I would just as soon ignore. As I learn, I will try and share my discoveries with the readers of this blog.

James Chapter 4 (NIV):

13 Now listen, you who say, “Today or tomorrow we will go to this or that city, spend a year there, carry on business and make money.” 14 Why, you do not even know what will happen tomorrow. What is your life? You are a mist that appears for a little while and then vanishes. 15 Instead, you ought to say, “If it is the Lord’s will, we will live and do this or that.”