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.

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Kagan Confirmation Hearings

Congress makes the laws, the President enforces the laws, and the Supreme Court interprets the laws. It seems simplistic and straightforward but it is not because the devil is in the details. This week we watch the confirmation hearings of, Elena Kagan, a nominee to the Supreme Court of our nation. The hearings are just as important as an election to congress or the presidency.

I am always reading court opinions that interpret tax laws affecting estate planning as well as opinions pertaining to specific estate plans that have been challenged by those affected by the plan in one way or the other. Just like the laws of the land, your will has to be written to withstand the scrutiny of a judge, maybe not a Supreme Court Justice but the judiciary may be called in to determine whether your will complies with the laws or if your intentions are clear.

Professional guidance is key when making your will. Leave your comments here or 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/

Dispute flares in Estate of Tasha Tudor

I have been covering the wills of the rich and famous. One of my readers thought it would be of interest to mention the current dispute in the 2 million dollar Estate of Tasha Tudor. Well, to be honest, I was not familiar with her but I researched the estate dispute and it is a classic one. Three disinherited children strike out against the one child favored in the will. Allegations of undue influence by their sibling and questions of the sanity of their 92 year old mother fill the court documents. Who wins in these battles with all parties represented by separate attorneys and siblings estranged from one another? Could it all be avoided with professional planning? Yes, if one cares enough to make a plan, then it should be done to cause the least amount of human anguish.

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