Why, James Brown, why…..

Poor estate planning or no planning at all can lead to conflicts and depletion of estate assets.  Mostly, poor estate planning.   When documents are updated and done the right way, it’s a great start.  It is money well spent.  I tell all my clients, spend the few dollars now rather than have your family spend thousands of dollars later. 

It’s very important to keep Wills and related documents updated and complete especially after births, deaths, marriages, divorces, adoptions and other life changing events.   Even large acquisitions can affect a plan.  

Celebrities like James Brown, to name a few, did not do this.   He did not update his documents after his marriage or after the birth of his son.   This neglect opened up the flood gates of litigation among the family members that he never planned for or mentioned.   Arguments like undue influence and duress was raised.  The litigation went on for year, five years plus. 

I had a client who during his life time was an accountant and had accumulated a large wealth of assets.  He lived on the water in a wealthy neighborhood of Lloyd Harbor.  However, I met him after his wife passed away and at that time he presented me with a Trust plan that included a Will that he had purchased from a well-known store.  He executed the Will at a local bank.   And he told me that it was very inexpensive, about $50.00 for the document and he typed it up.   I tried to explain to him the possible issues that could occur but he insisted it was fine and he was not spending the money on an attorney to draft a Will when had one so cheap.   Well, after his death, his relatives filed Objections – they contested the Will.   I conducted the deposition of the witnesses at the 1404 EBTs allowed by the Court rules and the witnesses really could not remember what he said that day, if he was of sound mind, or really anything other than the fact that they recognized their signature.   After the depositions were over with, I knew that we may not get the Will admitted to probate since the witnesses could not testify if all the requirements were met when executing a Will.    The estate spent over $28,000.00 defending and trying to probate the Will.  A settlement was reached which admitted the Will to probate but the Estate ultimately was not distributed as the decedent wanted. 

The attorneys will draft the Will, take notes, and all necessary precautions when it’s executed to ensure that the Will is admitted to probate and that decreases and eliminates litigation.  The attorney is also another witness to the execution and what the decedent truly intended. 

Do not be like others and James Brown, but do update and plan you Estate because it does “feel good,” when it’s done.   And done correctly. 

Advance instructions about health care preferences are commonly given in documents called living wills.  The laws of every state allow individuals to use living wills to direct health care providers and caregivers on the use of or withholding of life sustaining medical treatment, drugs or other treatment that may be offensive or not wanted by that individual for many reasons,  including religious reasons.

A power of attorney document is a document that authorizes a person to act as one’s agent on behalf of another.  You can have two individuals act together if necessary.   The agent can make decisions such as paying bills, investing money, filing tax returns, authorizing medical treatment (in certain states) and much more.   It’s an important document that everyone should have but also it needs to be kept in a safe place as your attorney can instruct you on that.

Should you become incapacitated and you do not have a power of attorney document, you may need a guardian.  Guardianship is a legal procedure by which a court declares an adult incompetent and appoints someone to manage the affairs.

Visit our website for more information or email us.  See an attorney regarding your estate planning.  You are never too young to prepare and take the basic steps.  Your lawyer can advise you on what documents you need how to prepare them and safe guard same.

Plan ahead.  The most tragic story is when someone becomes incapacitated and they now need to have a power of attorney executed but it’s too late. They do not have the mental capacity to execute it.  So since most of cannot predict the future, you need to have the documents in place before it’s too late.  The documents can be modified as your circumstances and life changes but it’s important to have them in place. Do not leave your loved ones with this burden.  It’s simply not fair to them or to you.

One last point, since we have extended families now, your Will is also important so that those whom you wish to inherit your Estate do and those you do not wish to receive anything do not.  Only a Will can do that.

We all plan financially; this is just one more part.

It is important to update your Will when life changing events happen,  additions or major changes to your family happen.   Such events would be, birth, divorce, death of a loved one…..  Make sure your Will is valid.   Be careful with do it yourself Wills.

If you do not do not have a Will and estate plan in place at the time of
your death, the applicable law will dictate who inherits your estate. I cannot
stress enough how important proper estate planning is for you, the well-being
of your family and to ensure the smooth settlement of your estate.

Case in Point

A former client, wealthy, yet penny wise and pound-foolish, bought a Will
from Staples. He prepared the Will on his own and went to the bank where they
witnessed his signature. However, after his death, certain family members
objected to the Will and its execution. Depositions were held to question the
witnesses, and because certain formal requirements under the law were not
satisfied, it was uncertain whether the Will would be admitted to probate. So, the
man saved money on Will preparation, but failure to get legal advice and
guidance cost his estate thousands of dollars to try to get the Will admitted to
the court and settle his estate. The money spent on a store bought Will
certainly was not worth the sum it eventually cost the decedent’s estate.

It is a privilege to assist people in their time of need. We invite you to contact the Law Offices of Bonnie Peters-Lawston, a Long Island probate attorney who will keep your
best interests in mind.

If the children,  siblings, those left behind,  are not getting along and are not cooperating with one another – then who will serve ??  Well,  sometimes,  and generally will be the first one to the court house to file the papers.  In other situations, it will be the one that most the family want to serve, in other words,  majority rules.   In either case,  you need to consult with an attorney’s office to determine your rights. 

Someone who has been convicted of a felony may not serve.   Someone who is not of good honest moral character should not serve.   The sooner you act,  the better your chances are in serving s the fiduciary.   It’s the old saying – you snooze, you loose.  Sometimes that happens. 

However, keep in mind that this information is general information and every case is different.   The facts and circumstances are different in every case.   You should always see an attorney and never rely on anything you read on the internet as apply to your situation.  It’s impossible to write here in this blog each situation or what facts can change your standing or rights to serve. 

However,  the internet and blogs should be used to educate one so that you can ask all the right questions and do your own research to make an educated decision. 

We offer free consultations – just call.