Ways Your Will Can Be Revoked

A will (which should be accompanied by other important documents such as healthcare and financial powers of attorney, as well as an advance healthcare directive) is a foundational estate planning document. However, according to Gallup, only 46 percent of US adults have a will.[1] This number has remained consistent in Gallup polls dating back to 1990. If you are among the minority of Americans with this crucial estate planning document, then you probably recognize the risks of not having a will.

But simply creating a will does not mean that your estate plan is complete or final: your will may need to be updated from time to time. It may even need to be revoked and redrafted entirely.

Usually, revoking a will is a purposeful act on the part of the will maker. But many states have laws that automatically revoke a will, or portions of it, in specific situations. Certain actions by a beneficiary can also revoke that person’s interest in the will.

What Is in a Will?

A will—more formally known as a last will and testament—provides instructions about who should receive a person’s money and property after the person’s death and who they would like to care for their dependents. A basic will should specify the following:

  • who receives personal assets (e.g. property, bank account balances, investments, business interests, and personal possessions) and in what amount
  • an executor or person responsible for making sure that instructions in the will are carried out
  • guardian arrangements for minor children

When a person passes away, their will goes through a legal process called probate, usually in a probate court located in the county where […]

2023-03-21T08:33:59-07:00March 8th, 2023|Common Problems, Do It Yourself - Fail, FAQ, Wills|

Do You Need a Trust?

Charles Schwab asked three of their own professionals important questions regarding the differences between wills and trusts.

A trust is a fiduciary arrangement that specifies how your assets are to be distributed, usually without the involvement of a probate court. They can be structured to take effect before death, after death, or in case of incapacitation. In contrast, wills take effect only upon death and typically need to be authenticated by a probate court, which can take time and involve additional costs.

Trusts can be arranged to accomplish a variety of different goals. For example, you can use a trust to transfer property, help minimize estate taxes, preserve assets for minors until they are adults, or benefit a charity.

Last Will And Testament, Power Of Attorney, And Healthcare Proxy

Above the Law discusses the importance of having a Last Will And Testament, Power Of Attorney, And Healthcare Proxy:

Like an annual physical exam or dental cleaning, we know we must, but we often delay. Fear, anxiety, cost, and time are all factors in delaying that which all adults, regardless of familial structure and net worth, should accomplish. Executing estate planning documents, specifically a last will and testament, power of attorney and healthcare proxy, need not be a tremendous production, especially in the precarious times in which we live. At a minimum, we should all execute three basic documents, thus mitigating any future drama.

How to make sure your estate plan won’t cause a family fight

Market Watch:  “Creating an estate plan is a gift to the people you leave behind. By expressing your wishes, you’re trying to guide your loved ones at a difficult, emotional time. All too often, though, well-meaning people do things destined to create discord, rancor and resentment among their heirs. What looks good on paper may play out disastrously in real life, says estate and trust attorney Marve Ann Alaimo, partner at Porter Wright Morris & Arthur in Naples, Florida. “People want to think everybody will be nice and do right,” Alaimo says. “Human nature is not always that way.” You can reduce the chances of family discord by doing these four things:”

2018-11-06T10:51:10-08:00November 8th, 2018|Estate Fights, Estate Planning, Trusts, Wills|

Disney World, Disneyland custodians claim parks are popular spots to scatter ashes

FOX:  “Walt Disney World and Disneyland have allegedly been outed as one of the most popular places for families to scatter their loved one's ashesAccording to The Wall Street Journal, custodians at the famous theme parks are claiming that not only do guests bring their family’s ashes to scatter – they do so often enough to prompt a special code word for it: HEPA cleanup, referring to an ultrafine vacuum cleaner.”

2018-10-29T14:35:59-07:00October 31st, 2018|Estate Planning, Social Media, Trusts, Wills|

Paul Allen’s $26 Billion Estate Will Take Years To Unravel

Financial Advisor:  “Paul Allen’s family office will live long and prosper. The billionaire’s vast holdings at Vulcan Inc. — with real estate, art, sports teams and venture capital stakes — would take years to unravel, if that’s even what he wanted. Allen, who died Monday, had no spouse or children to divide his empire. But there are many others with interests at stake, including family, staff and charities, as well as potential investors eager to snap up pieces.”

2018-10-23T15:30:56-07:00October 24th, 2018|Estate Planning, Rich & Famous, Social Media, Trusts, Wills|

Six important tips for estate planning success

Moneyweb:  “The increased Value-Added Tax (VAT) rate – announced in the 2018 National Budget – dominated headlines for weeks thereafter, but this is not the only tax change affecting consumers and investors. Many tax changes also affect estate planning and the cost of estate administration. I asked Brenthurst’s Fiduciary Services Expert, Rozanne Heystek-Potgieter, for her top tips to navigate this. We compiled a list of six important issues to consider when navigating the complex field of deceased estate administration. More importantly, we have included tips on how to prepare for the inevitable and re-evaluate your existing will, the liquidity of your estate and estate planning goals in general.”

2018-10-15T14:46:06-07:00October 18th, 2018|Estate Planning, Estate Planning for Singles, Trusts, Wills|

Why Estate Planning Is Easy And Legacy Planning Is Hard

Forbes: Estate planning is easy. It’s finite, calculable. What happens when you die? Who gets your stuff? How much will you owe in estate taxes and how can we prevent or prepare for it? You hire a lawyer to draft a will and possibly one or more trusts that provide for what happens when you die. It’s done. Complete. You tuck your documents away in drawer or safety deposit box and sleep well at night, knowing you have taken care of your estate plan. Death is inevitable, so planning for it—while admittedly uncomfortable for some—is relatively easy. Life, on the other hand, is hard.”

2018-10-08T13:48:06-07:00October 8th, 2018|Estate Planning, Trusts, Wills|

What ‘Succession’ And Sumner Redstone Can Teach Us About Planning Ahead For Senior Care

Forbes:  “Many of us have read the titillating and tragic story of Sumner Redstone, the former executive chairman of Viacom, and the litigious financial power struggle that has embroiled his family. Redstone’s story was a key influence on the HBO hit series Succession, which involves a lot of money, a pugnacious media mogul, a conniving lover, and children trying to wrest control of the family fortune from a sordid mess. Most of us won’t need to worry about a multi-billion-dollar empire, and our family struggles may appear mundane by comparison. But disagreements over money can and often do prevent families from making the right choices about care.”

2018-10-01T11:18:07-07:00October 1st, 2018|Estate Planning, Rich & Famous, Social Media, Trusts, Wills|

Burt Reynolds Left His Only Son Out of His Will and Created a Trust for Him Instead

People:  “Screen legend Burt Reynolds left his only son out of his will — but did not cut him out. The will, which was obtained by TMZ, says of Quinton, “I intentionally omit him from this, my Last Will and Testament, as I have provided for him during my lifetime in my Declaration of Trust.” The will, which was signed in 2011, appoints Reynolds’ niece Nancy Lee Brown Hess as the personal representative of Reynolds’ estate. Reynolds lists his great nephew Brian Ritchey Brown and then his great niece Tracy Erin Rogers as the next personal representative were anything to happen to the previous one.”

2018-09-24T12:10:35-07:00September 24th, 2018|Estate Planning, Rich & Famous, Social Media, Trusts, Wills|

What happens if you die without a will? You might leave a hot mess behind.

The Washington Post: Don’t have a will? Then let me ask you this: Do you love your family? Because, if you love and care about them and want to minimize the drama that you may leave after you die, you would get a will. And I don’t mean something done on the computer that you sign and stuff in a folder. Actually, you have a will, just not one that you created. If you die “intestate,” meaning without having a legal will, state laws dictate how your assets will be distributed. Here’s a link on Nolo.com where you can see, according to your state’s law, who is entitled to your assets if you die without creating a will.”

2018-09-12T14:33:52-07:00September 12th, 2018|Estate Planning, Trusts, Wills|

Why it’s smart to plan your own funeral—and do it now

Market Watch:  “Although I didn’t know it at the time, a week after my father received a terminal cancer diagnosis, he asked my cousin to take him to a local mortuary where he made decisions about his burial and paid for his funeral. Following his death five months later, as a grieving only child, I was thankful my father had the foresight to plan ahead, as he had always done for other life events. His choice to preplan was a gift that prevented me from making emotional and costly decisions based in grief. Death is a subject none of us want to confront. Talking about death causes us to face mortality and run head-on into the fact that we will not always be here. Yet death is inevitable and planning your funeral is a lot like planning for retirement. It requires honest evaluation and sometimes hard decisions, but it’s something that needs to be done. Here are five reasons to overcome hesitancy and consider planning your funeral now.”

2018-09-04T12:44:33-07:00September 6th, 2018|Estate Planning, Retirement Planning, Trusts, Wills|

“Que Je T’Aime”: L’affaire d’heritage de Johnny Hallyday

The National Law Review:  “As a battle rages on in Nanterre, west of Paris, over the estate of Johnny Hallyday, who is best known as the “French Elvis”, and spills out across the pages of the tabloid press in France, we offer a view from Hallyday’s adopted home, Los Angeles, California. It is, after all, the central question of this affair whether a will and trust executed in California under California law, which was intended to dispose of assets that include Hallyday’s properties in Santa Monica and Los Angeles, will be respected or tossed aside as a violation of French forced-heirship laws. The saga of the Hallyday case is a cautionary tale for French nationals who reside outside of France or who have property or assets outside of France, or for foreigners who may be considered domiciliaries of France (or other nations with inheritance laws that differ from France), as well as for members of their families whose inheritance may be caught in between.”

2018-08-27T10:39:31-07:00August 31st, 2018|Estate Planning, Rich & Famous, Social Media, Wills|

Aretha Franklin had NO will: Singer did not outline plans for her $80million estate before her tragic death

Daily Mail:  “Aretha Franklin passed away at her home in Detroit after a long battle with pancreatic cancer last Thursday. And while the Queen Of Soul had been struggling with health for some time, the iconic star did not leave behind a will, according to reports from TMZ. The Respect singer's estate is estimated to be worth around an $80million, according to People.

2018-08-22T10:24:09-07:00August 22nd, 2018|Estate Planning, Rich & Famous, Social Media, Trusts, Wills|

Are You Ready for Longevity? 4 Steps to Take Now

Kiplinger:  “Did you know that a non-smoking 65-year-old woman today has a 50% chance of living until 88? A non-smoking 65-year-old man has a 50% chance of living until 85? That’s how life expectancy works – the longer you live, the more likely you will live longer. Given that you could be well on your way to becoming a nonagenarian, here are four smart moves to help keep you and your family protected as you age.

2018-08-21T16:15:24-07:00August 21st, 2018|Estate Planning, Retirement Planning, Trusts, Wills|

Family Affair: Potential Problems with Family-Owned Businesses

Ward and Smith:  “Some of the most heartbreaking situations we see in our closely-held business and estate practices are families torn apart over differences in dealing with family-owned businesses. When there are problems with family-owned businesses, people tend to think with their hearts, rather than their brains, and often take unreasonable positions that are counterproductive to reaching a satisfactory resolution.  Often, the personal relationships among the family members continue to suffer until the business issues have been resolved, and even for a long time afterwards.”

2018-08-06T16:26:39-07:00August 9th, 2018|Estate Fights, Estate Planning, Trusts, Wills|

Your Money: How to deal With the Paperwork Scramble After a Spouse Dies

Reuters:  “When you are grieving a departed spouse, the last thing you want to think about is changing the title to your car. Same goes for your house, your bank accounts, the retirement account you are inheriting and anything else of value that now belongs solely to you. Married couples have a certain ease when it comes to inheritance rules, often leaving everything to each other in a mostly unfettered manner. Many people have what estate lawyers call “sweetheart” or “I love you” wills, which means that spouses leave all of their worldly possessions to each other. That is all good when one’s spouse passes away. The survivor, however, is left with a mess of details to sort through, because there is now only one name on all of those joint accounts, and that can cause problems for heirs down the road.

2018-08-06T14:24:36-07:00August 6th, 2018|Estate Planning, Trusts, Wills|

Having a Baby Changes Everything: Guardianship Considerations for Parents Creating Wills

SmithAmundsen:  “Once couples have children, they are eager to get a plan in place for who will take guardianship of their children. Having children and not having a will or a selected guardian means parents are left to worry about what would happen in the event of their untimely death. For example, if both parents die, leaving no will, and minor children, any money the parents had will pass to the children. For children under the age of 18, the court would then need to supervise any money the children inherit in a conservatorship. “

2018-07-30T14:34:37-07:00August 3rd, 2018|Estate Planning, Trusts, Wills|

Five Estate Planning Tips that Remain Relevant Regardless of Shifting Political Winds

Wealth Management.com:  “There are important estate planning techniques that aren’t directly affected by legislation and changes in tax law, but that can still make a big impact on wealth preservation. From regularly updating a will to consistently moving assets off a balance sheet, here are five estate planning items that should be added to your client’s to-do list. Schedule Routine (Estate Planning) Checkups Make sure clients regularly update their health care documents and wills. Ask clients to consider whether the individuals named in their documents are still appropriate.”

2018-07-30T13:04:16-07:00August 1st, 2018|Estate Planning, Trusts, Wills|
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