It’s not unusual for an heir to be unhappy about the contents of a loved one’s Will. Being left out of a Will or receiving less than you expected is difficult to accept. However, winning a Will contest (a lawsuit challenging the validity of a Will) is no easy task.
In order to have a Will invalidated, the person challenging it has to prove one of four things:
1. That the Will wasn’t properly executed. This means that the Will, on its face, wasn’t signed and witnessed according to the requirements of state law.
2. That the person making the Will lacked legal capacity. A person can lack capacity to make a Will for a number of reasons. For instance, children can’t make Wills because, as a matter of state law, they’re presumed to be incapable of doing so.
When it comes to adults, lack of capacity means that you don’t understand or aren’t aware of:
This video explains some of the many things you need to consider before getting remarried: a prenuptial agreement, insurance concerns, social security benefits, changes to your Will, and the impact of long term care on your assets.
Adobe Flash Player not installed or older than 9.0.115!
This video has been prepared by the law firm of Bacon Wilson, P.C., Springfield, Massachusetts, for informational purposes only and is not intended and should not be construed as legal advice. This information is not intended to create, and receipt of it does not constitute, a lawyer-client relationship. Viewers should not act upon this information without seeking professional counsel. For additional information, please contact Hyman G. Darling, Esq. at 413.781.0560. You may also send him an email at
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
.
You’ve put a lot of effort into making sure all the I’s are dotted and the T’s are crossed in your estate planning documents and, naturally, you want to make sure you keep them in a place where they’ll be safe and secure. You also want your documents to be accessible to your executor or trustee in case they need them. So, where’s the best place?
Many people choose to keep their estate planning documents in a safe deposit box at the bank. While this will definitely keep your documents safe from theft and fire, they may not be as accessible as they need to be. If you’re the only one who has authority to use the box, then once you die or become disabled, your executor or trustee will need to go through the process of obtaining a court order before he or she can get into the box to access your estate planning documents. In addition, this process may also involve the bank requiring an inventory of the box’s contents before they turn it over to this executor or trustee. These scenarios apply even if he or she has access to the key. If you choose to keep your documents in a safety deposit box, it’s a good idea to allow someone – a spouse or your executor or trustee – to have joint access to that box. Planning ahead now protects your privacy as well as prevents a cumbersome process for your executor or trustee.
Aside from a safety deposit box, what are your options? Well, some people keep their estate planning documents in a fireproof safe in their home. Others choose to keep them with their other important paperwork in a locked file cabinet or on a specific shelf. If possible, you should try to protect your documents from theft, from fire, and also from flooding.
It’s especially important to remember that certain of your estate planning documents, such as your Will, are originals, and must be especially safeguarded. Also, as mentioned before, accessibility is a very important factor when it comes to your estate planning documents. While you may not want everyone in the family to know where they are, you at least want your executor and/or trustee to be able to locate them. If your estate planning documents can’t be found, then the law treats you as if you died without any estate plan at all, and all your hard work will have been for nothing.
As with any step in the Estate Planning process, the ease in which the plan is executed as well as the accuracy in carrying out your wishes relies on a solid Estate Plan, which certainly includes storing documents in a safe but accessible place. Whether you have questions regarding the best storage option for you or concerns about other facets of the Estate Planning process, our team has the knowledge and experience necessary to help you ensure your exact wishes are carried out. Call for an appointment today: (336) 404-9773.
Most of us are aware by now that there is no federal estate tax in 2010. George Steinbrenner's heirs are delighted, I'm sure, because his vast estate will now pass to them free of any estate taxes. Although I don't know the value of his estate, I do know that the estate tax in 2009 was 45%. You can do the math on the amount of estate taxes that George avoided by dying in 2010.
Unfortunately, most of us won't have heirs that fair as well as George Steinbrenner's - for obvious reasons, of course, but also because the federal estate tax will probably come back with a vengeance in 2011. For many of us, the amount exempt from the estate tax will probably be high enough so that it won't even be an issue. If nothing is done by 2011, the exemption will be $1 million. If Congress gets its act together, it will probably be raised to around $3.5 million - at least that's the current thinking.
Still, the whole idea of estate tax planning should not be overlooked. Unfortunately, however, our parents may not be too keen on addressing that topic, and getting them to actually do something about it may not be an easy task.
Sometimes, a little psychology and a little finesse is the best medicine. You can't, after all, just tell them that estate planning is necessary - they just won't buy it. You have to kind of dance around the topic in ways that makes sense to them.
If you're in this situation (i.e., you want to have your parents take care of their affairs - including estate tax planning) and don't feel comfortable discussing it with them, then you should take a look at a recent article published by U.S. News and World Report entitled, "How to Talk to Your Parents About the Estate Tax." It might give you the right approach for your particular situation.
A recent Wall Street Journal article states that, "[t]he health-care bill that Congress passed in March contained two surprising new taxes to help pay for the changes: an extra 0.9% levy on wages for couples earning more than $250,000 ($200,000 for singles) and a new 3.8% tax on investment income on those same people (technically, people with "adjusted gross incomes" above those amounts)."
While individuals will have to deal with these new taxes beginning in 2013, it appears that the 3.8% tax also applies to investment income of trusts and estates as low as $12,000 if not paid out to beneficiaries. On the surface, most trusts and estates will be forced to distribute their income annually to the beneficiaries to avoid this 3.8% tax. But, many things can happen between now and the year 2013, so we'll have to wait and see how this plays out. At this point, we're simply alerting everyone to the fact that this tax is in place to help pay for the new health-care bill.
If you're looking for some pearls of wisdom regarding the future of the federal estate tax, don't look here. All we can do is report on the latest musings from our esteemed legislators, as reported by syndicators and bloggers alike.
So, here is the latest think, as published on June 11th, 2010, by the Wall Street Journal. It's a somewhat insightful, somewhat humerous, article written by David Kocieniewski entitled "What an Estate Looks Like to the Taxman." Give it a read and drop a comment below so that others can gain your perspective.
The Living Trust Network welcomes blog posts by attorneys, accountants, investment managers, insurance brokers and agents, and other professionals involved with estate planning, probate, elder law and related disciplines.
To submit a blog post for publication, please contact the Living Trust Network at info@livingtrustnetwork.com, or call us at (860) 693-1376. A representative of the Living Trust Network will contact you within 24 to 48 hours.
The information in this blog is not legal advice, and your use of it does not create an attorney-client relationship. Any liability that might arise from your use or reliance on this blog or any links from this blog is expressly disclaimed. This blog is not legal advice, is not to be acted on as such, may not be current and may be changed without notice.
It’s not unusual for an heir to be unhappy about the contents of a loved one’s Will. Being left out of a Will or receiving less than you expected is difficult to accept. However, winning a Will contest (a lawsuit challenging the validity of a Will) is no easy task.
You’ve put a lot of effort into making sure all the I’s are dotted and the T’s are crossed in your estate planning documents and, naturally, you want to make sure you keep them in a place where they’ll be safe and secure. You also want your documents to be accessible to your executor or trustee in case they need them. So, where’s the best place?
