Furthermore, couples with minor children are STRONGLY encouraged to create a Last Will and Testament that affords them the ability to select a Guardian responsible for raising their children in the event of an untimely death. And through a carefully crafted Last Will and Testament, parents with minor children are able to situate the assets of their estate in such a way that those assets are preserved and protected for the benefit of the children – without the necessity of future court intervention. Without a Last Will and Testament, the care of minor children following an untimely death will necessarily involve protracted and expensive court intervention. And that expensive court intervention could potentially last until the child reaches age 21.

So if you think there’s no need for you to create a Last Will and Testament, you might want to think again. Give the professionals at Adams & Edens, P.A., a call today to discuss whether a Last Will and Testament is right for your unique situation.

Mississippi native Steve McNair’s wife recently filed an inventory in his estate. According to the inventory, the estate’s estimated value is $19.6 million. I’m curious how much legal fees have been incurred by McNair’s failure to leave a Will. An inventory is often waived in a Will. Since McNair died intestate (without a will) his administrator, in this case his wife, was required to provide an inventory to the court. In an estate the size of McNair’s, this was probably costly, or at the very least time consuming.

Also in the news is the battle among Martin Luther King, Jr.’s heirs. I’ll bet Martin Luther King, Jr., one of the great men in our country’s history, never dreamed his family would fight over his estate one day. This is yet another example of the importance planning your estate. Who says probate isn’t interesting?

Melton’s estate is being probated in Texas, even though he claimed to be a resident of Mississippi, lived in Mississippi, and died in Mississippi. Had the estate been probated in Mississippi, his children would have stood to inherit a third of his estate, but according to Chris Joyner’s article, Melton’s wife stands to inherit more by probating the Will in Texas. In some situations, a mess like this would lead to a contested estate. In this case it has not. Yet.

A Last Will & Testament could have clarified the jurisdiction issue by a declaration of residency. It could also have settled any questions regarding the distribution of Melton’s assets among his heirs.

How would Melton want his estate dispersed? In all likelihood, no one will ever know, because he died without a Will.

The Court will not make further assumptions about the purpose of the remaining checks written on the Estate’s checking account given the complete incomprehensibility of the so-called accounting and the amount of time and the number of opportunities  had to prepare an accounting.

The Chancery Court further stated:

The Court has painstakingly gone through the so-called accounting filed by the Executor and the copies of the more than 1,200 checks written by the Executor on the Estate’s checking account, most of which contain nothing whatsoever on the “memo line.” The Court is asked by [John] to approve his so-called accounting, but to do so would be to approve the unknown; what was the money spent for and where did it come from. The Court cannot approve such an accounting.

The Court of Appeals of Mississippi upheld the chancellor’s decision. Executors and probate attorneys should take note. Even in seemingly simple probates, it is important to keep detailed records regarding expenses. Use that memo line!