Note: And this is why I am behind on posting here. :)
Tuesday, November 28, 2017
Happy Thanksgiving
Happy Thanksgiving from our family to yours.
Note: And this is why I am behind on posting here. :)
Note: And this is why I am behind on posting here. :)
Gambling On Intestacy
Famous and infamous people are dying every day - Hugh Hefner, Malcolm Young, Charles Manson - but there is nothing newsworthy in their estates. Digging somewhat deep, it has been reported that notorious Las Vegas mass murderer, Stephen Paddock, did not leave a will to dispose of his reported $5 million estate. A Clark County, Nevada court had a hearing last week to determine who should administer his estate. Paddock’s 89 year old mother has declined to serve as administrator. It is likely that the Clark County Public Administrator, an elected official, will fulfill the responsibilities. The court will eventually determine who is to receive the estate proceeds.
Several points:
1. The complexities of dealing with the issues in this case are certainly above the ability of an 89 year old woman.
2. As meticulous as Paddock seemed, it might appear surprising that he did not have a will. However, maybe that is one more facet he thought through - he did not want to burden a familu member with the task of administering his estate.
3. With respect to who will eventually receive his estate, I am betting on the lawyers.
Photo Credit: AP/Eric Paddock
License: Fair Use/Education
Several points:
1. The complexities of dealing with the issues in this case are certainly above the ability of an 89 year old woman.
2. As meticulous as Paddock seemed, it might appear surprising that he did not have a will. However, maybe that is one more facet he thought through - he did not want to burden a familu member with the task of administering his estate.
3. With respect to who will eventually receive his estate, I am betting on the lawyers.
Photo Credit: AP/Eric Paddock
License: Fair Use/Education
Vegemite Redux?
In the intersection of two common themes here (Australian probate craziness and the danger of DIY wills), a terminally ill Australian woman filled in a DIY will while (whilst?) at the hospital. The will was only four pages long, but had multiple pages of attachments addressing her wishes from who would receive her house (apparently multiple charities depending on her thoughts at the moment) to who would receive her step ladder, cow bell, and scrapbook items. The Australian court admitted the will to probate, but the future interpretation and litigation will incur tens of thousands dollars in legal fees for her estate.
A few low hanging points:
1. The cost of attorney fees for preparing a will properly is minor compared to the costs of fixing a will that was not prepared properly.
2. The larger intangible cost for this woman is that her assets might not be distributed to her preferred charities/individuals and under the terms she truly wanted.
3. Call me a cynic, but I doubt anyone cares about the step ladder, cow bell, and scrapbook stuff.
Photo Credit: Zicasso Travel Website/unknownLicense: Fair Use/Education
A few low hanging points:
1. The cost of attorney fees for preparing a will properly is minor compared to the costs of fixing a will that was not prepared properly.
2. The larger intangible cost for this woman is that her assets might not be distributed to her preferred charities/individuals and under the terms she truly wanted.
3. Call me a cynic, but I doubt anyone cares about the step ladder, cow bell, and scrapbook stuff.
Photo Credit: Zicasso Travel Website/unknownLicense: Fair Use/Education
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