Page 18 - Ultimate Guide to Estate Planning Third Edition_Neat

joint tenants, life insurance beneficiaries), the
only funds that will be disposed of pursuant to
the legislative framework are the $150,000 in
securities and the $50,000 of family heirlooms.
Since the first $225,000 of assets go to the
surviving spouse, Steve’s children get nothing.
Six months pass and Sally dies without a will.
All of Sally’s assets and Steve’s former assets,
worth millions and millions of dollars, go
entirely to Sally’s child. Since Sally’s child is
not yet 18, the court will appoint someone to
take care of those funds.
Upon reaching 18, Sally’s child will be able to
take all funds without restriction.

This is not likely the method of distribution
that Steve intended.

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