I do believe that just about everyone should have a will of some kind.
You do not have to spend lots of money on an expensive lawyer (redundant). There are many will kits available online and at office supply stores that will do just fine if your finances and family situation are relatively simple. I should point out that the laws regarding wills and estates vary from state to state and you should make sure that any will kit you purchase will apply to your particular state regulations.
Those with more complicated situations should consult a professional.
It is very, very, very important that once you have written a will you review it periodically as your situation, and that of your executor or beneficiaries, changes. This is especially important for elderly individuals. A recent real-life situation emphasized this fact for me.
Money can totally destroy family relationships and lifelong friendships. In this particular case family relationships have been irrevocable damaged beyond repair.
The will in this situation was for an elderly widow with no children. In it she named her brother as executor. However her brother had passed away several years before. No contingent executor was named.
First of all, while not applicable to this specific situation, I firmly believe that you should never make a lawyer your executor. Your executor can decide to retain a lawyer for assistance if appropriate. This is just my personal opinion. I have no problem with naming a financial professional or the Trust Department of your bank as an executor – I am just against choosing a lawyer.
Every will should list a contingent executor, or executrix, in case the primary one cannot fulfill his/her duties. In this particular case the will should have been revised upon the death of the brother. However if a contingent executor had been named it would have been “more better”.
One of the beneficiaries of the estate, which was in six figures, was a sister who was currently living in a nursing home paid for by state Medicaid funds. Any monies inherited by this person would eventually go directly to Medicaid. I expect that the deceased, a 1040 client of mine, did not intend to have any of her savings go to Medicaid. The will should have been revised when it was determined that the sister would be a permanent resident of a nursing home.
The problems began when the person who could be identified as her “caregiver” – the only one of several nieces and nephews who attempted to take care of her in her old age, who held her Power of Attorney, and who advanced all the money for her funeral expenses – upon discovering her will among her personal effects consulted an attorney. Without going into specifics, the lawyer eventually, in my opinion, stabbed this person (a close personal friend) in the back – and he ended up substantially “out of pocket” for his own legal fees.
What this person should have done upon discovering the will, again in my opinion, was take it directly to the county Surrogate’s office and explain that he was the deceased’s caregiver and held Power of Attorney and that the executor named in the will had predeceased his aunt. The County Surrogate would have probably named this person the Administrator of the estate, as should have been.
You do not have to spend lots of money on an expensive lawyer (redundant). There are many will kits available online and at office supply stores that will do just fine if your finances and family situation are relatively simple. I should point out that the laws regarding wills and estates vary from state to state and you should make sure that any will kit you purchase will apply to your particular state regulations.
Those with more complicated situations should consult a professional.
It is very, very, very important that once you have written a will you review it periodically as your situation, and that of your executor or beneficiaries, changes. This is especially important for elderly individuals. A recent real-life situation emphasized this fact for me.
Money can totally destroy family relationships and lifelong friendships. In this particular case family relationships have been irrevocable damaged beyond repair.
The will in this situation was for an elderly widow with no children. In it she named her brother as executor. However her brother had passed away several years before. No contingent executor was named.
First of all, while not applicable to this specific situation, I firmly believe that you should never make a lawyer your executor. Your executor can decide to retain a lawyer for assistance if appropriate. This is just my personal opinion. I have no problem with naming a financial professional or the Trust Department of your bank as an executor – I am just against choosing a lawyer.
Every will should list a contingent executor, or executrix, in case the primary one cannot fulfill his/her duties. In this particular case the will should have been revised upon the death of the brother. However if a contingent executor had been named it would have been “more better”.
One of the beneficiaries of the estate, which was in six figures, was a sister who was currently living in a nursing home paid for by state Medicaid funds. Any monies inherited by this person would eventually go directly to Medicaid. I expect that the deceased, a 1040 client of mine, did not intend to have any of her savings go to Medicaid. The will should have been revised when it was determined that the sister would be a permanent resident of a nursing home.
The problems began when the person who could be identified as her “caregiver” – the only one of several nieces and nephews who attempted to take care of her in her old age, who held her Power of Attorney, and who advanced all the money for her funeral expenses – upon discovering her will among her personal effects consulted an attorney. Without going into specifics, the lawyer eventually, in my opinion, stabbed this person (a close personal friend) in the back – and he ended up substantially “out of pocket” for his own legal fees.
What this person should have done upon discovering the will, again in my opinion, was take it directly to the county Surrogate’s office and explain that he was the deceased’s caregiver and held Power of Attorney and that the executor named in the will had predeceased his aunt. The County Surrogate would have probably named this person the Administrator of the estate, as should have been.
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Unfortunately involving a lawyer ended up making the situation truly FUBAR. Forget about "beware of Greeks bearing gifts" - beware of lawyers, period!
So if you don’t have a will, get one. If you do, review it. And tell your elderly relatives (parents, grandparents, aunts and uncles) and friends to review theirs.
Any comments?
TTYL
So if you don’t have a will, get one. If you do, review it. And tell your elderly relatives (parents, grandparents, aunts and uncles) and friends to review theirs.
Any comments?
TTYL
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