A Look at Estate Planning Disasters

Leaving money to the cats. Lost-long uncles stealing insurance policies. Random wills written in pencil found all over the house.

These are nightmare estate planning situations that may sound like they’re from a movie, but they have actually happened in real life. Unfortunately, estate planning attorneys say this stuff happens all the time. When you don’t have your estate paperwork in order, expect the unexpected to happen.

When a person dies and will and trusts are not done properly or are nowhere to be found, heirs can end up in a messy situation. Family members and other heirs may end up in disagreement over assets, causing long-term rifts and expensive legal fights. You can prevent issues by understanding what needs to be done to stay legit.

Issues With Handwritten Wills

Handwritten wills are also known as holographic wills. Holographic wills are not witnessed, so Florida law does not recognize them as valid. Florida probate courts only recognize wills that are in writing and signed by the testator and two witnesses.

However, some people avoid getting a formal will by an estate planning attorney. Instead, they opt for a DIY approach, which may be cheaper but causes more problems in the long run.

This happened with music legend Aretha Franklin. She had two handwritten wills found in her Michigan home after her death in 2018. One dated 2010 was found in a locked cabinet. The second one, found under a couch cushion, was dated 2014. Franklin’s four sons disagreed over which one was valid. In July 2023, a judge ruled in favor of the 2014 will.

When Pets Rule

There have been many situations where heirs lose out to pets. It is possible for a dog or cat to get more inheritance than humans. While heirs may not agree with the deceased’s wish for the cats to get their own house and caretaker, they may be out of luck if the will is written properly.

In one case, a couple owned two houses next to each other. The couple lived in one house and the house next door was home to their cats. When both passed, the estate plan called for the caretaker to live in the main house while caring for the cats in the second home. This means both homes were left to the caretaker and the cats. As long as the estate plan is done properly, this is valid.

Seek Legal Help

Estate planning is not for the faint of heart. There’s a lot that can go wrong. You may be planning on an inheritance and not get it. Or maybe you’re concerned about what will happen to your assets.

Fort Lauderdale probate litigation lawyer Edward J. Jennings, P.A. can assist you with your probate issues. Trust us to provide sound, reasonable advice and aggressive representation in will contests and beneficiary disputes. Schedule a consultation by filling out the online form or calling 954-764-4330.

Source:

kiplinger.com/retirement/estate-planning/wills-gone-wild-how-to-avoid-estate-planning-disasters