Selling The Family Home, Oh My!!

We have a combination of rain and snow this morning, the first day of April. April showers bring May flowers. What does April snow bring? Well, let's wait and see. There are some things we have no control over. There are many that we do but we fail to act on them. I am in the middle of an estate matter with lots of family disharmony. We have a home that clearly needs to be sold but there was no Will providing those instructions. Since the 5 beneficiaries can not agree on selling the home, the court appointed Administrator will have to Petition the court to sell the property. More money coming out of the estate to pay the expense of filing the petition. In addition, since there was no Will and the beneficiaries did not agree on which one of them should be the Administrator, the court interceded and appointed its own Administrator, more money coming out of the estate. AND the only money that the estate has will be what comes from the sale of the house. SO, it appears that not only will the home no longer be in the family. The beneficiaries will get much less than they anticipated. We do have control in managing some things but only if we act while we can. Got a Will, if not contact us at http://www.ythlaw.com/ for estate planning, probate and elder laws matters.

Estate Planning Mistakes - Number Five

I can not tell you how many Wills did not adequately identify the property to be given. This provides for further disputes among family members. You want to be specific in your bequest. For example, provide the account number; give the property address or legal description on the Deed; provide the license number or registration. You want to catalogue art work and reference the appropriate catalogue number for distribution.

You can assist your Executor if you leave a memorandum with your Will that is precise regarding the gift. And finally, as a savings provision, let your Executor make final decisions in any dispute.

Contact us at http://www.ythlaw.com/

Have you Updated Your Will

I often quote the statistics that 70% of the people do not have a Will. But, the 30% that do have a will, need to update their will. What category are you in?

How many times have I heard that a will did not express the wishes of a loved one. Circumstances had changed and the "intent" was to make a change. However, it was never done so we have a legally binding document that can't be changed because the only one that could change it has died. Sometimes these statements appear to be self-serving and other times not so.

I ask you now to take a close look at your will while you can and make sure it does express your wishes. Engage in such a review whenever your circumstances change. Leave your comments here or contact us at http://www.ythlaw.com/

Your Will Must Be in Writing

Oral promises can not withstand legal scrutiny when it comes to leaving someone property when you die. The formalities of a will are required.

A friend of Marlon Brando claimed Brando gave her the house she lived in, saying he had kept it in his name for tax reasons. She settled with the executors of his estate for $125,000. She also claimed Brando promised her continued employment with a company he owned, and settled that claim out of court. She was lucky to get anything and clearly felt she was entitled to a lot more.

Make your intent clear by executing a will and make sure if someone claims that they are leaving you something when they die, see that it is put in writing or get it befor they die. Leave you comments here or contact us at www.ythlaw.com.

Lesson: Oral promises won't do; if you're serious, execute the right written documents.

James Brown - His Legacy

I recently read about the settlement reached after James Brown's will was contested by his adult children alleging mismanagement by the trustees. Trustees are those appointed by James Brown (or the court if necessary) to be legally responsible for the financial management of certain assets placed in Trust.

In any event, what I am reminded of in that controversy is the importance (financial and otherwise) of ones legacy. It is the future income from movies, royalties and the sale of James Brown's likeness that may really prove to be the most lucrative for his estate. The settlement leaves his estate to his wife, his children, the Brown Family Educational Trust and charity.

Even though you may not be able to stop someone from contesting your will, you can make sure it withstands the scrutiny of the probate court with proper estate planning. Leave your comments here or contact us at www.ythlaw.com

Probate - Your Questions Answered

I address so many questions from clients going through the probate process. These questions are raised by beneficiaries under the will as well as executors. Here are a few with the answers.

(1) How do I know what I get under the will? The will is a public document. You can obtain a copy of the will from the register of wills if it the executor does not provide you with a copy.
(2) When do I receive my share? All debts must be paid prior to any distribution of assets to beneficiaries. This would include final funeral expenses, last medical expenses, taxes and all other debts. A notification placed in the paper regarding a death puts creditors on notice and gives them the opportunity to present their claim if it is not already known to the executor.
(3) Do I pay inheritance taxes on what I receive? Inheritance taxes must be paid. If the executor does not pay the taxes out of the estate, the beneficiary (the one receiving the asset) must pay the taxes. Since the executor is responsible for the complete administration of the estate, it would be prudent for the executor to make sure the inheritance taxes are paid prior to making distribution.
(4) How do I transfer real estate located in another state? This question is often raised by executors when the deceased person lived in one state and owned real estate in another state. If the property was owned jointly with rights of survivorship, then it would pass to the surviving owner without going through probate. However, if the person was the sole owner or was a joint owner (without rights of survivorship) then the real estate interest will pass through probate. The executor would have to open up probate in 2 states.
(5) How can I successfully challenge the will? A challenge to the will would have to be based upon its validity. Was it executed in accordance with the legal requirements in the state? Was the decedent of sound mind? Was the decedent under undue influence or duress? The evidence would have to support the allegations. It may be costly and it would delay any probate.

Post your question or contact us at www.ythlaw.com

Is This Your Child?

I was walking this morning and thinking about how important it is to plan these days. Can you imagine that after your death, someone claims to be your child? This is a person that no one in your family knew existed. This happens more than you might think. Anna Nicole Smith's attorney had stated that some of the provisions in Anna Nicole Smith's will was to address this concern. Both men and women need to address clearly who they intend to be the beneficiaries under their will.

As I have pointed out before, you do not have to provide for your children in your will. However, those who may claim to be your children, though they were not named in the will, can allege that it was an oversight. If you just state that you provide for your "children" without defining, then they claim rights under that broad designation. If you die without a will, the intestate laws provide for distributions to children.

So, is this your child may be a question that has to be answered after your death. Your planning can at least make clear your intention regarding inheritance rights.

Feel free to leave a message or contact us www.ythlaw.com

Mediation

Last week I took a mediation training course. It was very interesting to look at ways to resolve disputes between parties without litigation. This can be especially helpful in Probate Court when addressing will contests, guardianship (though incapacity can not be determined in mediation), inventory and accounting disputes and fiduciary issues. Another growing area for this practice is in Elder law.

Mediation allows me, as a neutral third party, to work with the disputing parties. My role as a trained mediator is to help parties listen to and talk with each other. I help them gain clarity on their options and the possibilities for moving forward. Often in this process, the parties gain a better understanding of each other's point of view. It is not my role to make the decisions for them or even tell them what to do. Nor, do I act as an advocate for either of the parties. In this transformative mediation process, parties if allowed the necessary space can begin to resolve their own conflict and in turn can save themselves and, if an estate is involved, the estate the growing expense of litigation.

I particularly like mediation because it empowers the individual in the decision making process. As the process progresses, in many cases, you can see the shift that all parties make towards reaching an amicable resolution. It is one that they take ownership of because it was not imposed upon them by legal system. If you happen to be in a dispute, consider mediation. I can help you with that choice. Contact my office today.