The house and the Amazon shares are held in joint tenancy with his wife, but all other property is in his name alone. He desires that there be a separate fund of $$1$ million for his sons' education and that the balance of his estate be divided as follows: $40$ percent to his sons, $40$ percent to his wife, and $20$ percent given to other relatives, friends, and charitable institutions. He has scheduled an appointment for drafting his will with his attorney and close friend, Chad Davidson. Kenneth would like to appoint Chad, who is $70$ years old, and Kenneth's $40-$year$-$old cousin, Aaron Hopkins, a CPA, as co$-$executors. If one of them predeceases Kenneth, he'd like Second National Bank to serve as co$-$executor.

Does Kenneth really need a will? Explain why or why not. What would happen to his estate if he were to die without a will?

A$.$ Kenneth does not need a will if he trusts his wife. Since Jacqueline jointly owns two of the property, the entire estate would go to her. She will be able to divide the property among the heirs in accordance with the instructions given to her by Keneth.

B$.$ Kenneth needs a will. Without a will Jacqueline inherits the entire probate estate and the assets will not be transfered to those whom Kenneth would choose. Because Kenneth owns property in two states, the states $($Texas and Colorado$)$ could fight over what is his state of domicile$-$something which could be avoided with a valid will.

C$.$ Kenneth needs a will. Without a valid will, the statutes of the state of Colorado will govern the disposition of his sizable estate. That is$,$ no property will go to his wife, sons, and other heirs$-$something which could be avoided with a valid will.

D$.$ Kenneth doesn't necessarily need a will. The statutes of the state of Colorado $($the intestacy succession laws$)$ will govern the disposition of his sizable estate. Under Colorado laws, the sons would receive about half of the probate estate and Jacqueline another half. They will be able to divide $20$ percents of his property between his other heirs.