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/

Too Many Wills Creates Chaos

In my book Stop! What are you waiting for? Your Step-by-Step Guide to Estate Planning, I stressed the importance of shredding prior wills. Even though the new will revokes any prior will, finding the old one first could start a process in the wrong direction and create disharmony when the current will is found.

Apparently, there were 2 wills found for Gary Coleman and even some handwritten notes. The handwritten notes would not be a will if the will formalities were not followed.

You must handle your will as you handle your other business. Be organized and consistent. If your will is not maintained with your attorney, maintain it in a safe or safety deposit box. Why have unnecessary chaos, with a little planning while following best practices, you lessen the burden on your family and friends.

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No Dog House for Trouble the Maltese

Many states now provide for Pet Trusts under their laws. But, there is a right way and there is a wrong way to leave money to you pet. Here is example of how you do not want to do it.

When she died in 2007, hotel tycoon Leona Helmsley's will left most of her $5 billion estate to charity, created a $12 million trust for her Maltese dog, Trouble, and completely cut out two of her four grandchildren. The two stiffed grandkids sued her estate, claiming she wasn't mentally fit to create her will and trust. The case settled, with Trouble getting $2 million, and the two grandkids sharing $6 million plus legal fees.

If you're older and cutting out relatives, have some professional, doctor or lawyer, conduct an evaluation of your sanity to confirm your sanity when the natural object of your "bounty" is disinherited, especially in favor of an animal.

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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.

Updating Your Will is as Important As Having a Will

When actor Heath Ledger died at age 28 in 2008, he had a will. However, it was written three years before he died. This was prior to his relationship with Michelle Williams and the birth of their daughter, Matilda Rose. The will left everything to Heath Ledger's parents and sister. What does all this mean for his daughter Matilda Rose? Will her grandparents and aunt look out for her, financially? That is anyone's guess. Stay tuned but more importantly update your will before it is too late.

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Princess Di - Formalities are Important For a Will

It is important that your will is signed, witnessed and notarized in order to avoid unnecessary controversey. Some individuals like to leave a memorandum noting distribution of some objects. However, it is important to go through the formalities required of a valid will to make sure your wishes are followed.

At her death in 1997, Princess Diana left a detailed will, naming her sister and mother as executors. She also wrote a separate "letter of wishes" asking her executors, at their discretion, to divide her belongings among her sons and her 17 godchildren. But instead of getting stuff worth over $100,000, each godchild got the equivalent of a trinket. If you want someone to have somethng special do not rely on others to do it for you, provide for it in your will.

Leave your comments here or contact us at www.ythlaw.com