Recently, I have been inspired to write an article entitled “Important Lessons in Estate Planning”. This article will focus on some common risks associated with the loss of loved ones, friends and other family members who may not fit into either category. (See, even some lawyers have a sense of humor)
The following are the first 3 of many “Important Lessons”. Stay tuned for more to follow!
Important Lesson #1: Have A Will Or Some Other Directive. Without a will or another directive indicating to whom your assets and other property shall descend, your property faces the wrath of intestate succession. Intestate succession is regulated by law, in Florida by the Florida Probate Code and more specifically pursuant to Florida Statutes, Chapter 732
- John lives in Florida and has a brother Tom.
- John’s parents are both deceased, he has never been married, never had any children and has no other brothers and sisters.
- John and Jane become close companions in 1983 and remain life partners, even living with each other until Johns death in 1998.
- In 1990 John told Jane he wanted Jane to have all of his life possessions when he died (even his white 1969 Camaro SS with orange racing stripes that Tom loved so much).
- John never made a will.
- John died the next day.
- Jane will need strong proof to invalidate the intestate succession in Florida that would have all of John’s property passing to his brother Tom.
- Tom drives his new white 1969 Camaro SS with orange racing stripes every Sunday because Jane had no standing to object to succession of property other than the statement that John desired Jane to have everything.
Important Lesson #2: Keep A Will In A Safe Place Where It Will Not Be Destroyed Or Land Into The Wrong Hands. This law firm recommends keeping your original will and any other separate writings with us for safe keeping. A safe deposit boxes is not the best choice as it opens up the theory that additional people may have access. See example for “Important Lesson #3”
Important Lesson #3: Properly Destroy Old Wills. Simply drawing “X’s” on the paper or writing void may not be sufficient. Where 2 versions of a will exist and the second, but more recent version is destroyed or “lost” by a disgruntled family member or other party, proof (which is very had to offer) is necessary to validate the claim that the previous version is not the intention of the decedent. Here’s an example:
- John made a will in 1980 leaving everything to his brother, Tom.
- John places his will in his safe deposit box, believing it to be safe
- In 1990 John made a second will, leaving everything to Jane, his life partner since 1983 (even his white 1969 Camaro SS with orange racing stripes that Tom loved so much), but never destroyed the first (it’s still in Tom’s safe).
- On Sunday afternoon, John sealed the will, which revoked all previous wills, in an envelope and being too sick to physically put the will in his safety deposit box, asked Tom who was visiting John for the day, to put the new will in John’s safe deposit box.
- Tom planned on putting the will in the safe deposit box first thing Monday morning.
- John died Sunday night.
- Tom opened up the envelope and became angry learning that Jane was to inherit everything (even the Camaro!). Tom lit a fire in his fireplace using the 2nd will as kindling.
- Jane will need overwhelming proof that the 2nd will existed. She will most likely need to present eyewitness testimony testifying that they saw Tom light the will on fire
- Tom drives his new white 1969 Camaro SS with orange racing stripes every Sunday because Jane had no standing to object to the old will other than the statement that John made a new will
