Draft a will for Mary Louise Smith is a 48 year-old widowed, female with three children. Her children are as follows: Beth Smith (26 years old) is the daughter of Mary and Mary's late husband Eric Lee Smith. Samuel Green (13 years old) is the son of Mary and her boyfriend of 9 years, James Green. Joseph Green (10 years old) is also the son of Mary and James.

Your client owns her home in severalty and it is valued at $250,000 (which she inherited from her deceased parents and there is no mortgage attached to the property) at 3214 Sparrow Way, Tampa FL, 33604. She is a full-time resident of Florida.

Mary has worked since High School for Publix Supermarkets and has risen to the level of store manager. Her current income is $116,500 per year. She carries a term life insurance policy of $600,000. Her two minor children are the named beneficiaries of that policy.

Mary's assets and liabilities can be found on the table directly below:

Assets	Liabilities
House	$250,000	Visa Credit Card	$3,000
2010 BMX X5 - paid off in 2015	$19,500	American Express Credit Card	$2,000
Cash Savings	$90,000	Home Equity Loan	$8,000
Retirement Savings Including Publix Stock	$540,000	Medical Bills from Samuel	$15,000
10 acres in Northern Georgia she inherited from her father	Estimated Value $240,000	Co-signed on Eric's Truck - 2013 F-150. Will be paid off in 2018.	$21,000
Personal Property	$65,000	Student Loan	$8,000
Total Assets	$1,204,500	Total Liabilities	$57,000

From the table above you realize that your client is currently worth approx. $1,147,000. She is a good candidate for a will for the following reasons: 1) she has minor children, 2) she has significant assets in her name alone.

Mary has communicated that she would like a will drafted that does the following things:

• Keeps the family home at Sparrow Way "in the family." It is very important to her that Joseph and Samuel are raised in that home if anything should happen to her. She would like all three children to inherit this home.
• While Mary completely trusts James with the children she does not trust him with her money. James inherited a large sum of money from his mother when they were first dating and "blew it" on clothes, trips, psychics, and stereo equipment. She does not want James to control her estate after she dies but would leave him enough money to pay off the truck if there is still a loan. If there is not a loan on the truck she wants to leave him $10,000. She has no plans to marry James who is 10 years older than Mary and has 2 other children from a previous relationship both whom currently live in North Dakota.
• Mary would like to make sure her two minor children have money set aside for college. Her daughter Beth attended college on a full ride scholarship and has no student loan debt and therefore does not need money for school. She would like to set aside $100,000 each for Samuel and Joseph's education.
• Mary does not care about the land in Georgia and may sell it during her lifetime. If she dies before she has a chance to sell it, she would like the land to be sold and the money placed in her estate to be divided amongst her children who survive her.
• Mary would like to leave $25,000 to her church - The First United Methodist Church of Seminole Heights in Tampa, FL.
• Mary would also like to leave $10,000 to the following three close friends: Megan Allen of Boston, MA. Michael Flynn of Tampa, FL. And Brandon Miller of Dayton, OH.
• Mary would like all remaining assets to be divided equally between her three children.
• She would like her oldest daughter to be named Personal Representative and if her daughter predeceases her should would like the court to select a Personal Representative. She does not believe it is necessary for the PR to take out a bond.
• Mary's daughter Beth should be named as the guardian for any minor children who are alive at the time of Mary's death. Megan Allen is to serve as the back-up guardian for the children if Beth has already died.

Answer rating: 100% (QA)

Last Will and Testament of Mary Louise Smith I Mary Louise Smith a resident of Tampa Florida being of sound mind and disposing memory do hereby make p... View the full answer