Arizona Estate Planning

Interesting Will Provisions From Service Members Heading To Combat

Before a military service member is deployed to combat, he or she must create a will that states how they want their assets distributed should they pass away. Service members have been posting on the popular website Reddit about the quirky bequests in their wills. Estate of Denial shares:

Over at Reddit, a servicemember posted about how he and a buddy each bequeathed one another $2,000 in their wills.

Sounds standard. Except, this two grand is bequeathed so that his friend — pardon the legalese — “can throw a killer party to celebrate my life.”

Yes, he got his lawyer to write in “killer party” into his will.

It gets even better. The servicemember — reddit username Citisol — “would like a cardboard cutout of me on display holding a bottle of Maker’s Mark Whisky [sic].”

Genius. Absolute genius.

Here’s the picture of the will that Citisol included.

His wife? Perfectly alright with it. “She was sitting with me as the lawyer wrote it up. She is sometimes pretty cool.”

Citisol made the post to ask for “ridiculous deployment legacies” from other serving redditors’ wills. The comments didn’t disappoint.

On the Net2012-07-09T12:14:16-07:00July 9th, 2012|Odd Requests, Wills|

If You Like Your Privacy, Create A Trust

Should you create a will based estate plan or a trust based estate plan? It depends on your goals. While a will and a trust serve some of the same functions, some of the major differences become apparent when you examine how each is administered. A will must be entered into probate. Probate is a court proceeding, which means that documents filed during that court proceeding become public record. This means that when a person's will is admitted to probate, it becomes a public record, just as we saw in Joe Paterno's case. On the other hand, trusts do not need to be admitted to probate. This is because if a trust is properly funded (meaning a person's assets are all transferred into their trust) then probate is unnecessary. One of the major purposes of probate is to effectuate the transfer of property from the deceased to his or her heirs. By using a trust, probate can be avoided since the deceased already transferred property out of his or her own name and into the name of the trust. Once a person who has a trust passes, the terms of the trust take over and the deceased's property is transferred according to the terms of the trust.

Any estate planning lawyer worth their salt will always inform clients that a trust is the best possible option. However, if someone decides to go with a will based estate plan, here is an explanation for “Dummies” about one needs to know about probate:

Probate is a term that is used in several different ways. Probate can refer to the act of presenting a will to a court officer for filing — […]

On the Net2016-12-13T20:33:28-08:00June 21st, 2012|Estate Planning, Probate, Trusts, Wills|

Joe Paterno’s Will Unsealed

After Joe Paterno's death, his estate was admitted to probate. Typically, documents filed in a court proceeding are public record. If a Will was filed as part of a probate case, that too would normally be public record. However, Joe Paterno's family requested that his Will was sealed, which the court later did. If someone had a Will but not a Trust, I can understand why they might want to do this. Joe Paterno had a sizable estate and perhaps the family didn't want the world to know about his plans for distribution. Recently, Paterno's Will was unsealed. Turns out, Joe had already planned for this eventuality by creating a Trust. Paterno's Will was a typical “pour over” Will, meaning that any asset that he owned that was not already in his Trust was “poured” into his Trust. A pour over Will typically doesn't list what these assets are, but instead functi0ns more as an all encompassing provision by transferring assets that didn't quite make it to the Trust. The meat of Paterno's estate plan and the part everyone wants to see is the Trust. Unlike Wills, Trusts are private and need not become a public record after a person's death.

For more information about trusts, read Richard Keyt's Article Understanding the Significance of Trusts.

Richard Keyt2016-12-13T20:33:28-08:00June 15th, 2012|Estate Planning, Probate, Rich & Famous, Trusts, Wills|

Estate Planning Mistakes New Parents Don’t Want To Make

Lawyers.com: “It’s official: Jacob and Sophia are America’s most popular baby names. Once you’ve settled on a name for your new bundle of joy, it’s not too early to make legal preparations as your child enters the world.

…

Jacob has been the No. 1 boy’s name for 13 years, according to the Social Security Administration, which released the list of top baby names for 2011. Sophia knocked Isabella to No. 2 after a two-year stint at the top of the list for girls.

If you have a young child in your home, it’s already time to start thinking about estate-planning issues to protect your newborn. Following are the five most common estate-planning mistakes that parents make after having a baby.”

On the Net2016-12-13T20:33:29-08:00May 24th, 2012|Common Problems, Estate Planning, Life Insurance, Trusts, Wills|

Three Must Have Documents Everyone Should Have

There comes a point in every person's life when it is time to sit back and take stock of what you have accomplished. This could be a beautiful family, a lovely home or a thriving business. Whatever the source of your pride, it makes sense to protect it, just like you would any other asset. You protect your home and your business with insurance, but what about yourself and your family?

Protecting yourself and your family doesn't have to be difficult or expensive. But it does need to be done. Here are the three must have documents everybody should have to protect themselves and their families:

1. Last Will & Testament

You probably know what this document is. It disposes of your assets after your death. Without a Will, your state of residence determines how your assets should be divided. But can you really depend on some ambiguous state laws to protect your family? Wouldn't it be better to lay everything out in such a way that ensures your wishes are followed? This is what a Will does for you.

What many people don't know about Wills is that a Will is where you name the guardian for your minor children. Don't have a Will? Now the state gets to pick a guardian for your kids. Do you trust the state to pick the best possible person to raise your children? I don't know many people who would.

Your Will also names the Personal Representative of your estate. This is the person responsible for administering your estate by paying your final taxes, paying any creditors and collecting and distributing your property. Once again, without a Will, the state […]

Richard Keyt2023-02-27T07:02:41-08:00May 22nd, 2012|Estate Planning, FAQ, Healthcare Directives, Powers of Attorney, Wills|

Judge Rules Gary Coleman Did Not Have A Common Law Wife

Estate of Denial: “Shannon Price failed to prove that she and Gary Coleman had a common-law marriage after their 2009 divorce.

Fourth District Judge James R. Taylor ruled Monday that while Price had lived in the former “Diff’rent Strokes” star’s home after their marriage ended, the relationship failed to meet the state’s standard for a common-law marriage.

“There is simply [insufficient] credible evidence to conclude that they were more than occasional roommates,” Taylor wrote in his 18-page decision.”

On the Net2012-05-16T11:36:02-07:00May 16th, 2012|Estate Fights, Rich & Famous, Wills|

Why You Don’t Want To Die Without A Will

Silive.com: “As the Staten Island public administrator, Gary Gotlin knows the many pitfalls of dying without a last will and testament, also known as dying intestate. It’s his job to supervise the estates of individuals who die without this very important legal document and have no close relatives or known heirs to manage their affairs.

If no heirs are tracked down after an exhaustive search, the assets go to the city of New York, he explained.

If heirs are found, but you didn’t make your wishes known legally, the state is forced to distribute your assets according to its own judgment. It basically leaves you without say over who gets what.”

On the Net2016-12-13T20:33:30-08:00May 9th, 2012|Wills|

Trial Starts Today For Gary Coleman Estate

Estate of Denial: “The battle for the estate of Gary Coleman will hit a Provo courtroom today in a two-day trial that pits the late actor’s former wife against the head of Coleman’s corporation.

The case hinges on whether Coleman and his former spouse, Shannon Price, continued living as husband and wife even after their 2008 divorce until Coleman’s death on May 28, 2010.

The head of Coleman’s corporation, Anna Gray, of Portland, has a 2005 will signed by Coleman naming her as the executor and beneficiary to his estate.

Price claims that Coleman had a handwritten codicil, or amendment, to the will in 2007 that gives all assets to her, including their $315,000 home in Santaquin.”

On the Net2012-05-09T10:11:49-07:00May 9th, 2012|Estate Fights, Rich & Famous, Wills|

An Estate Plan Is More Than Just A Will

The Journal: “Far too many people think, “I don't have an estate. I don't need to do any estate planning.”

But there are more aspects to estate planning than just signing a will. Medical, current financial and other decisions also play an important role.

The differences between the similar sounding living will and living trust often causes confusion. The first is for medical purposes; the other is financial.

A living will provides authority for certain last medical measures when in a terminal condition and has nothing to do with transferring assets or property after death.”

On the Net2012-05-08T10:29:37-07:00May 8th, 2012|Estate Planning, Healthcare Directives, Powers of Attorney, Trusts, Wills|

Half of American Adults With Kids Do Not Have A Will

Yahoo!: “If you died tomorrow, who would inherit your assets? Your house? Your Snapfish albums?

If you're like half of American adults with children, you haven't made a will and therefore — legally speaking — haven't answered these questions.

A survey from RocketLawyer.com, a legal services web site, last month found that 50% of Americans with children do not have a will. Even more alarming, 41% of baby boomers (age 55-64) don't have one. The top three reasons cited by survey respondents for not having a will: procrastination, a belief that they don't need one and cost.”

On the Net2016-12-13T20:33:30-08:00May 7th, 2012|Wills|

What You Need To Know About Being A Personal Representative (Executor)

JD Supra: “Being asked to act as an executor for a friend or family member’s estate can be flattering. But it can also mean a lot of work, and potential legal liabilities if you don’t do the job right.

For your reference, five things you should know – before you say “yes” – about the role of executor:

1. What does an executor do, exactly?

“The tasks that an Executor must accomplish to handle the estate administration process include finding and controlling all of the assets of the decedent, paying any debts, taxes and claims against the decedent’s estate, and distributing the balance of the estate to the appropriate persons.” (The Executor – An Estate’s Representative by Dinsmore & Shohl LLP)”

On the Net2016-12-13T20:33:31-08:00April 18th, 2012|Estate Planning, Wills|

Don’t Forget The Beneficiary of Your Life Insurance Policy

LD News: “A frequently overlooked aspect of estate planning is giving full consideration to beneficiary designations on life-insurance policies you possess.

It is important to keep in mind that if you prepare a will, the will does not usually control the distribution of your life-insurance proceeds. Therefore, when you are making or revising your will, equal attention should be given to your life-insurance beneficiary designations.

Frequently, an individual will change his will but entirely overlook his life-insurance beneficiary designations. This problem is made worse by the fact that life-insurance proceeds occasionally have a greater value than the estate assets that are being distributed by the person's will.”

On the Net2017-10-07T11:14:46-07:00April 9th, 2012|Beneficiaries, Life Insurance, Wills|

Nurse Will Probably Get Most of Huguette Clark’s Estate

Estate of Denial: “The Upper East Side properties owned by the late heiress Huguette Clark hit the market early this month and her Filipina nurse will receive the bulk of the sale.

Edwin Josue, a Filipino real estate broker of Halstead properties, explained that 62-year-old Filipina nurse Hadassah Peri will benefit the most from the sale of Clark’s properties.

The New York Times reported that based on Clark’s second will, Peri will receive 60 percent of the multimillionaire’s various assets, worth about $40 million, including investments and much of her real estate holdings not specifically bequeathed in the will.”

On the Net2012-04-09T09:15:43-07:00April 9th, 2012|Estate Fights, Rich & Famous, Wills|

What You Need To Know About A Last Will & Testament

Washington Times: Unless you know something we do not, you will eventually pass away, and you should plan for it by writing your Last Will & Testament.

A will protects your family after your death and is one of the most vital documents you need. You may not care what happens to your money or assets after you die, and you may not care how all of it is distributed. You may not have money or assets, or you may plan on spending all of it before you die.

Getting past these tangible things, there is another personal, primary focus of a Last Will & Testament. What do you want to happen to you if you go into a coma? Do you want doctors to employ life-saving procedures? Most wills include a document called a Medical Directive to guide those decisions. Do you remember hearing about Terry Schiavo many years ago? She was in a coma and did not have a will, because she was quite young. Who needs a will in their 20s?

Continue reading about what you need to know about a last will and testament.

On the Net2016-12-13T20:33:31-08:00March 26th, 2012|Estate Planning, Wills|

A Review of 3 DIY Will Software Products

Consumer Reports: A well-written will allows your estate to be distributed legally and efficiently, costing your beneficiaries the least money and heartache. But you don't need an attorney to write a will. A number of software providers promise to help you draft a legal will for far less than you'd pay a lawyer.

Like tax software, these products guide you through an interview to draw out your intentions regarding, say, how you want your property distributed and who you want as executor of your estate.

We tested three electronic offerings: LegalZoom, Rocket Lawyer, and Quicken WillMaker Plus. The first two allow you to create a will online; the third is available as either a download or a CD-ROM (see Product details). First we created profiles of individuals from three different New York families. Our reporter then completed the interviews as if she were those individuals, drafting nine wills in all.

We sent the wills and interview records—with product identification hidden—to Gerry W. Beyer, a professor at the Texas Tech University School of Law in Lubbock who specializes in estates and trusts. Beyer judged each product on how comprehensive the interviews were and how much information was provided, and on the overall quality of the wills. Our reporter evaluated the software for ease of use.

Read more of the review of 3 DIY Will software products.

On the Net2012-03-23T15:07:54-07:00March 23rd, 2012|Do It Yourself - Fail, Wills|

Whitney Houston’s Estate Plan Was Not Ideal

Probate Lawyer Blog: Whitney Houston’s will was recently revealed, after it was filed with the probate court to open her estate, in Atlanta, Georgia. As expected, it named Bobbi Kristina as Whitney’s sole beneficiary. Beyond that, it was surprising for several reasons.

First, the fact that Whitney relied on a will — signed back in 1993 no less — instead of a living trust is troubling. We’re talking about the woman who signed the largest recording contract in history! If anyone should have thorough estate planning, including a living trust, it was Whitney.

Why? Wills have to pass through probate court to be effective, which makes them public record. That’s why information about the contents of her will is all over the internet. Inside Edition, for example, posted a copy of the will, here. In addition to be public, probate can be expensive, time-consuming, and a breeding ground for family fights.

Continue reading Whitney Houston's estate plan was not ideal.

On the Net2016-12-13T20:33:32-08:00March 23rd, 2012|Estate Planning, Rich & Famous, Trusts, Wills|

Should I Update My Will?

NJ.com: Q. Our daughter was very young when my wife and I had wills prepared. Our daughter is now married with a different last name. Is it necessary to change our will to reflect this? If yes, must we use a lawyer to make the change?

– BB

A. No, but it might be a smart investment anyway.

Your executor is charged with identifying and notifying your intended beneficiaries, said Frederick Schoenbrodt, an estate planning attorney with Neff Aguilar in Red Bank.

“If there is no ambiguity regarding who you meant when you referred to your daughter in your will – and there probably isn’t – then your executor will make the gift to your daughter, even if she has taken a new surname,” he said.

The will reflects your intent, and the process of settling your estate should facilitate that intent, he said.

“While formalities in will drafting are important, the probate and administration process is not so formalistic that your daughter’s name change as a result of her marriage would frustrate your clearly stated intent,” he said.

But there may be other reasons to revisit your will.

On the Net2012-01-25T08:55:15-08:00January 25th, 2012|FAQ, Wills|

Can a Trustee be Compensated?

Sacramento Bee: Can I take a fee for handling my family's living trust? What if my son doesn't want the home that's left to him in a will?

This week, those questions get answered by our “Ask the Experts” estate planning attorney, Michelle Goff. She's part of our new team of local experts answering readers' questions online at www.sacbee.com/ask.

Go there for free advice on wills and trusts, as well as to ask questions of our other local experts.

I have been trustee of our family's living trust for four years. I have an elderly stepmother who has dementia and was recently moved from the family home into a skilled nursing facility. I have never taken any trustee's fees but have heard that a trustee's fee can be set at 1 percent of the estate's annual market value. Is there any guidance concerning this? Are fees treated differently than probate fees? Thank you.

Continue reading about trustee compensation.

On the Net2017-10-07T11:14:46-07:00January 25th, 2012|Trusts, Wills|