Downs Law Firm, P.C.
The long, expensive court fight over the will of soul singer Aretha Franklin provides a cautionary tale for people who want to make sure that their wishes are carried out after their death — and for their families.
A badly in debt woman dies leaving the proceeds of substantial insurance policies to her children only to have her trust contested by relatives who claim an amendment naming the children as beneficiaries is invalid with no witnesses, misspelled names, suspicious signatures and was never given to previous trustees for review as required by agreement. A long, expensive, and protracted legal battle likely is brewing.
Unlike a last will and testament, a revocable living trust is effective during your lifetime.
One of the biggest challenges that clients encounter during the process is deciding who to appoint as their trustees, powers of attorney, health care surrogates and executors.
Does a person need a Power of Attorney document if that person already has a Last Will and Testament (‘Will’)? It is a critical piece of the planning puzzle.
Dealing with the loss of a loved one is never easy. When inheritances, homes, estates and mortgages are involved, tensions can run high within a family. It is easy to get lost in the paperwork and terms.
It’s hard for a family to recuperate when the patriarchs and matriarchs have gone to glory, leaving a battle for who will carry the family’s leadership role and manage the family’s transition of wealth.
No one likes doing taxes, but the task is even more daunting when filing a return for someone who has died.
Whether you drew up a will recently or years ago, keep in mind it’s generally not something you can set and forget.
This is an important question to ask, because the answer could tell you whether you need to worry about estate taxes, beneficiary issues or probate concerns.
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