Let this be a lesson...

Periodically update your estate planning.

Apparently Heath Ledger wrote a will in 2003. He had it lodged according to Australian law.

Only one problem... he became involved with Michelle Williams and had a child with her in 2005.... and he did not update his will.

So when he died, his will still named as his heirs his parents and his sister. And his daughter would have gotten nothing.

Fortunately, Ledger's parents are mensches and have stated that they will make sure that his daughter, Mathilda, is taken care of and not cut out. Otherwise, it could have become an ugly court fight, as it sometimes does.

So Frakking Frustrated

So one of the things I am working on is the estate of a relative who died last year. He was a nice man. He donated to alot of good causes. He was a teacher who specialized in helping foreign students adjust to life in the United States.

He lived a good life.

However, he wrote an exceptionally bad will.

Too bad the same cannot be said for the pack of people who, in my opinion, are nothing more than sniveling and whiny vultures who care more about the value of his estate and their share than in making sure that the things which were important to him were taken care of. I'm sure that, if it had been left up to them, they would have put his dogs to sleep rather than pay the kennel costs.

They did not earn the money. They felt that their annual trip out to California to eat a dinner or two with him means that they are entitled to it all. Legally they are, but ethically, I would think that the clear wishes should trump their avarice. I heard how bad they acted when the matriarch of their clan died a few years ago. They actions thus far in this case do them little credit.

If I act like when relatives in my family die, I hope my surviving relatives have the good sense to shoot me.

If Anna Nicole Smith's Death Teaches Us One Thing...

It's that you need to update your estate planning every so often. Her entire estate was left to her son. Unfortunately, he is dead. That means the estate, absent the discovery of some other estate planning documents, will pass through intestacy. As if the Smith estate (meaning her infant daughter) was not enough of mess, what with the pending court case for her dead husband, fight over the daughter's guardianship and paternity, now there will be intestacy to deal with.

So when you are thinking about where you want your millions to go, and you do not want the government to get the lion-share, go talk to an attorney about what is the best option for you. Otherwise, you abdicate all control.

Things I have learned doing probate

For the past few months, I have been helping to administer an estate. This has been my first foray into the probate process. And this is what I have learned:

1) If you think you have enough certified copies of the letters testamentary and death certificate, you only have half as many as you may need. Everyone needs one for their records when it comes to moving the decedent's money around and closing out accounts.

2) Whatever the bank tells you they need to close the accounts, make sure they put it in writing. Otherwise you will end up having to make multiple trips to the branch you are dealing. Despite the fact that people die everyday, it is surprising how poorly trained some bank managers are when it comes to trying to something simple.

3) Make up a portable file containing the death certificate, copy of the will, and the letters testamentary. And keep it with you, always. The one time I left my file at the office, everyone suddenly needed to see it.

4) Heirs suck. I'm dealing with seven main heirs. In life they all supposedly loved the man. In death, all they want is the money.

5) Have a stack of W-9 forms ready to go. Once you get an EIN from the IRS, everyone will need these as well when it comes time to closing out accounts.

Now, remember, these are only my observations. They should not substitute for the judgment of an attorney who represents you (which is not me.... unless you want to get in touch with me and retain me, buts thats something completely different).

Stepping In It

So here's a good safety tip for the next time I do probate work. Never assume that people have been told that the decedent is dead just because you have been informed that the appropriate people have been informed.

It avoids situations where you start off with "Hi, I'm calling on behalf of {x}'s estate."

"What?"

"{X}'s estate, the executor has me rounding up all the accounts."

"Executor?"

"Um... no one has told you that {X} passed away on Valentine's Day?"

"What?!?"

"Oh... yeah... he... passed away on Valentine's Day."