Charles Walker’s Will

When Texas resident Charles Walker died on March 13, 2000, he left this handwritten will:

I hereby direct my Executor to sell tract 3 of the V.M. Donigan 456.80 Partition for cash and to invest the proceeds in safe and secure tax-free U.S. government bonds or insured tax-free municipal bonds. This trust is to be called the James Madison Fund to honor our fourth President, the Father of the Constitution. The ultimate purpose of this fund is to provide a million dollar trust fund for every American 18 years or older. At 6% compound interest and a starting figure of $1,000,000.00, it would take approximately 346 years to provide enough money to do this. My executor will head the Board of Trustees . . . . When the Fund reaches $15,000,000 my Executor's function will cease, and the money will be turned over to the Sec. of the Treasury for management by the federal government. The President of the U.S., the Vice-President of the U.S., and the Speaker of the U.S. House of Representatives shall be permanent Trustees of the Fund. The Congress of the United States shall make the final rules and regulations as to how the money will be distributed. No one shall be denied their share because of race, religion, marital status, sexual preference, or the amount of their wealth or lack thereof. . . .

The Texas courts ruled the will invalid because it didn't meet the criteria for a charitable bequest. That is, it served no social purpose beyond the mere "financial enrichment" of the American public. So it's okay to help the poor. Just make sure you keep 'em poor.
     Posted By: Alex - Mon Feb 06, 2012
     Category: Death | Law

That's our "legal" system for ya'. Wouldn't want JUSTICE to get in the way.
Posted by Expat47 in Athens, Greece on 02/06/12 at 09:59 AM
That´s TEXAS justice for you.
Posted by Archie on 02/06/12 at 11:04 AM
Gee I wonder who ended up with the seed money.
Posted by Patty in Ohio, USA on 02/06/12 at 11:27 AM
WHO challenged the will? :coolmad:
Posted by Tyrusguy on 02/06/12 at 01:22 PM
Wouldn't have worked anyway. The critical flaw in his plan is this: "be turned over to the Sec. of the Treasury for management by the federal government." Because they've done such a fantastic job of money management thus far, right?

You show a politician (left, right, or center) a large chunk of cash that no one is supposed to touch and he WILL find a way to get his grubby little claws on it. It's the only redeeming quality of professional politicians: they are utterly predictable. Just assume an outcome that can only be achieved via the worst aspects of human nature and you can bet one or more of them won't disappoint.
Posted by Pile of Pooh on 02/06/12 at 06:13 PM
If the guy was going to involve the US Government, it could be rationally inferred that he was not of sound mind.
Posted by Mark12A on 02/07/12 at 03:52 PM
Commenting is not available in this channel entry.