Last in a two-part series
In stressing the importance of having a will, perhaps some real-life examples with which I am familiar would help.
Disclaimer: My apologies to attorneys and others in the legal field for any errors of omission or commission that I undoubtedly will be making.
- Father and daughter were totally estranged, to put it mildly. The father requested that the daughter’s name be stricken from his will. “I don’t want her to get a dime. I will never mention her name.” His attorney vigorously advised against that approach but finally acquiesced to his client’s wishes. When the father passed away, the daughter contested the will because her existence was not acknowledged. As the attorney had predicted, the court agreed with the daughter, and she inherited a “child’s share” of his considerable estate. Had he left her $1 acknowledging her existence and opted not to leave her anything else, she would not have had a claim.
- An attorney’s client died. The funeral was held, and the burial took place in a cemetery designated by the widow and children. The deceased had widespread business interests, owned an airplane and was less than fastidious with his record keeping. Returning from the interment, the attorney thought it a good idea to check the airplane for any documents that might have some business importance. In the glove compartment of the plane, he found a note stating that he (the deceased) wished to be buried in a particular cemetery, different from the one used! I believe the attorney conveniently “lost” that note. Had that information been in the will, a codicil or attachment, the person’s wishes would have been honored.
- A man and his wife had been making payments on their home for approximately five years preceding his death. He died intestate (without a will). Both he and she had children by previous marriages. Adult children came back from around the country. As one was about to leave Greenwood, he asked when he could get $10,000, which is what he valued as his part of the house. This, by the way, is a fairly common occurrence. Everyone has an “estate” of some type, and when one dies without a will, it becomes incumbent upon a chancery judge to sort out the mess.
- Mama wrote on a small note pad that daughter was to “handle all my affairs about my mortgage.” Three years later, mama died. There were four or five adult children, and questions arose as to who was to live in the house, who had responsibility for maintaining payments, providing upkeep to the premises, paying taxes, etc. The situation that exists at this point is that each child has an undivided “per stirpes” (siblings) interest in the property, not to mention that if any of the children are deceased, their children own an undivided interest in the deceased parent’s interest. How’s that for another mess that could have been easily solved by mama having had a simple will and directions? The family is now going through the machinations and legal fees required to “quiet title” and perhaps having the court decide the matter. This doesn’t address the ill will that has developed among that good woman’s children.
- Two lifelong female friends had also been friends with a lady who resided with one of them. The three were inseparable, playing cards and visiting regularly for years. The renter friend passed away without designating how her personal property was to be distributed. One remaining friend was convinced that the deceased had left her a silver tea set, which was inconsequential from a material standpoint, as neither of them needed the money, and the other lady thought that she was supposed to have it. The upshot was that these two lifelong friends didn’t speak to each other for years. A simple note with the will would have clarified the matter and salvaged a long and close friendship.
As you can see, there is more to a will and its attachments than simply dealing with money, land, investments, etc. In fact, personal property distribution can be a veritable minefield of broken hearts and expectations. A now deceased CPA friend had what I thought was a brilliant solution to this common problem. Whether it was true or whether he was joking, I don’t know, but he said, “I have it in my will that all my personal property should be divided among my children within two weeks of my death. If they have not reached an amicable conclusion by then, all personal property goes to The Salvation Army.” That is one way to get things done!
As usual, I ramble too much, but there is no question but that each of us owes it to our loved ones to help guide them in the stressful time that follows our demise. If you loved them in this world, you should continue to love and guide them when you are in the next.
- Allen Wood Jr. is a seasoned Greenwood businessman. Send questions to him at excellententrepreneur1@gmail.com.
