Case 5

A couple considers the Ramifications of Dying Intestate

Yvonne Moody of Dallas, Texas, is a 34-year-old police detective earning $58,000 per year. She and her husband, Joshua, who is a public school teacher earning $44,000, have two children in elementary school. They own a modestly furnished home and two late-model cars. Morgan also owns a bass finishing boat. Both spouses have 401(k) retirement accounts through their employers, and their employers also provide them with group term life policies that match their salaries. Morgan also has a $100,000 term life policy of her own. The couple has about $5,000 in their joint checking account Neither has a will.

1. List four negative things that could happen if either Morgan or Joshua were to die without a will.
2. What would be the most important negative consequence of not having a will if both Yvonne and Joshua were to die together in a car accident?
3. Which assets could be jointly owned so that they will automatically transfer to other spouse if either Yvonne or Joshua dies?
4. What qualities should Yvonne and Joshua look for when naming the executors of their wills?
5. Once they have completed and signed their wills, where should the Moodys keep the original documents?