Case 1 A Couple Considers the Ramifi cations of Dying Intestate Melissa Merryweather of Savannah, Georgia, is a 34-year-old police detective earning $58,000 per year. She and her husband, Joshua, have two children in elementary school. They own a modestly furnished home and two late-model cars. Melissa also owns a snowmobile. Both spouses have 401(k) retirement accounts through their employers, and their employers also provide them with $50,000 group term life policies. Melissa also has a $50,000 term life policy of her own. The couple has about $5000 in their joint checking account. Neither has a will.

(a) List four negative things that could happen if either Melissa or Joshua were to die without a will.

(b) What would be the most important negative consequence of not having a will if both Melissa and Joshua were to die together in an accident?

(c) Which assets could be jointly owned so that they will automatically transfer to the other spouse if either Melissa or Joshua dies?

(d) What qualities should Melissa and Joshua look for when naming the executors of their wills?

(e) Once they have completed and signed their wills, where should the Merryweathers keep the original documents and any copies?