Estate Planning Horror Story #1
An out-of-date Estate Plan can lead to extreme emotional and financial distress for your loved ones.
Attorney Jordan Ellis describes what one client went through when they became incapacitated with an outdated Estate Plan.
One summer, a father of 7 passed away unexpectedly. Emotions high, the family was scrambling after losing their patriarch. Fortunately, he had an Estate Plan that would make the transition smooth and allow his loved ones to mourn in peace. Said Plan entailed different percentages of the estate to be passed to his wife and children, with the wife as Executor.
While going through his father’s things, the eldest son found a note. It stated it was his Last Will and Testament and revoked all previous Wills. It dictated that 100% of his estate was to go to his children in equal amounts. This new “will” essentially cut out his surviving spouse and changed the dynamics of the Estate division.
The spouse believed this new “will” was invalid; the son believed it revoked the previous Will and claimed he was the executor. This discovery of the note and the contention of the Will, led the father’s estate to be sent to Probate.
Litigation in Probate was extraordinarily contentious and this matter has still not been resolved. Instead of coming together as a family to mourn the passing of a loved one, the mother and child are in a terrible legal battle that has stretched on for years – something the father would never have wanted.
Having an Estate Plan is critical, but keeping it current is even more vital. It's very hard to believe the father meant for this contention to arise, and a simple change can have large ramifications. A Last Will and Testament is a great 1st step in Estate Planning, but alone, is not sufficient to transition your assets to your loved ones and to protect your Estate.
At The David Frank Law Group, we will draft and pair your Will to a Living Trust. A Trust is a legal instrument that can hold assets. Any asset in said Trust will not be sent to Probate. Your paired Last Will and Testament will be created to transfer any remaining assets to the Trust. This will allow your loved ones to avoid a costly legal proceeding. We will create a comprehensive Estate Plan and work closely with you to explain and potentially make any changes.