Showing posts with label public policy. Show all posts
Showing posts with label public policy. Show all posts

Wednesday, March 2, 2016

Sharia Estate Planning?


A document purporting to be the will of terrorist Osama Bin Laden was released this week.  The one page handwritten document dates from the late 1990's.  It was part of a cache of documents retrieved from his compound by Navy SEALs. In it, OBL gave 1% of his estate to one of his henchmen, 1% to another, and directed his family to use the rest of the estate to fund jihad.   No word on what happened to his estate at his death or whether he ever updated his will.

Several points:


1.  In Ohio a handwritten will is valid but it has to be witnessed by two individuals.  OBL's will was not witnessed.

2.  A will cannot make a bequest that promotes illegal activity such as jihad.
3.  In some Arab nations (cough, Saudi Arabia), promoting jihad is encouraged, not illegal.  
4.  After the San Bernardino murderers did not leave a will for their daughter and OBL left a will in the form of a letter, perhaps LegalZoom or Nolo can start marketing to the Sharia law set.  Their products cannot be worse than OBL's effort.


Sunday, August 9, 2015

Daddy Knows Best (And His Daughters Are Resentful)

Following up on the most recent post.  The 21 and 17 year old daughters of Maurice Laboz, who left them each $10 million in trust but provided that they can receive the funds earlier if they meet certain conditions, are reportedly going to court this week to challenge the list of conditions. Their mother is also set to contest the will of her estranged husband.

Several quick points:

1.  As stated ad nauseam here, the grounds for contesting a will or trust are two:  lack of mental capacity or undue influence.  The detailed conditions imposed by Mr. Laboz show a clarity of thought which rules out lack of mental capacity.

2.  Infrequently, the terms of a trust can be challenged because they are against public policy such as when a trust prohibits a beneficiary from marrying a person from a different faith or race.

3.  Rather than being against public policy, some would argue that it is good public policy to keep millions out of the hands of 21 and 17 year old beneficiaries.

4.  Others would also argue that it is good public policy to prohibit teens and 20-somethings from adding to the national tattoo epidemic.