Tag Archives: Living Will

Common mistakes when writing a will

Business ClipartEveryone is going to die; that’s a fact.  And everyone should have a will.  That’s another fact.  If you die without a will, the probate court will decide what happens to  your assets; you won’t.

My father died about 15 years ago.  He left a will he had prepared himself, typed on his old electric typewriter and had a few friends sign as witnesses.  I don’t know how he decided what to put in the will and the wording to use.  All I know is that after he died, when I tried to probate the will, there were some problems with it and it took a while to get them resolved.

If you don’t want to go to an attorney to have a will prepared that you know will be written properly, you should at least be aware of some common mistakes that you should avoid.

I recently came across a blog on findlaw.com that clearly describes 10 of the most common mistakes.  You should definitely read it so you don’t make the same mistakes my dad did.

For further information about wills, trusts, probate and end of life planning go to www.diesmart.com.

Why you need a living will & healthcare power of attorney

terri schiavo

Most people don’t like to think about what will happen if they’re in an accident or come down with a catastrophic illness.  They don’t decide who they want to speak for them if they are unable to communicate their wishes themselves.  They don’t tell anyone what kind of care they want….or don’t want.  Once they are hurt or incapacitated, it may be too late.

These are three reasons why you need a living will and a healthcare power of attorney:

1) You name the person you want to speak for you when you can’t.  It should be someone  you trust to make decisions on your behalf and to carry out your wishes.

2) You decide whether you want heroic measures performed to prolong your life if there’s no chance of recovery.

3) You outline the type of treatment you want to receive.

If you don’t have these documents, a relative you don’t know very well and don’t trust or possibly the courts will speak for you and decide what will happen.

For example, they may decide to put you on life support and prolong your life even though there is no chance of recovery and you may not have wanted heroic measures.  They may choose to perform a surgical procedure that you don’t want or they may decide to do something that is against your religious beliefs.

A living will enables you to describe the kind of care you want.

A healthcare power of attorney (It may be called something else in your state or it may be combined with a living will) allows you to name the person you want to be your healthcare agent who can speak for you when you can’t.

Unfortunately, a life threatening accident or a catastrophic illness can occur at any time.  There’s no age that is exempt.  Think of Terri Schiavo.  She was a 26 year-old that had a tragic fall, went into a coma and remained alive, hooked up to a feeding tube, in a vegetative state for more than 15 years because her husband and her parents couldn’t agree on her treatment and she hadn’t legally stated her wishes.

Don’t let others decide for you.  If you don’t have a living will and a healthcare power of attorney, get them drawn up right away so your wishes will be carried out and you will be able to speak for yourself….even when you really can’t.

For more information on this important subject, go to www.diesmart.com.

What is the most important part of estate planning?

When you do your estate planning, you probably think the most important part of this planning is your Living Will or your Last Will and Testament.  They are very important but they are not the most important thing.

I recently read an article by Julie Garber on about.com and she said the most important part is to select the right person to do each of the jobs your estate plan will require.”  After thinking about it, I agree.

When selecting a person to be your healthcare agent or guardian for your minor children or personal representative, be sure that this is a person who has your best interests at heart.  Also, verify that this person has the time as well as the skills to perform the needed tasks.  And, finally, select someone who you think can make wise decisions.

If you have name someone who declines to accept this position, and the backup person you’ve named also declines, a judge will make all of the decisions for you and your family or will find someone who is willing to do so; this person may not be someone you would have chosen and may not do things the way you would have wanted them done.

Think about it carefully and choose wisely.

For more information about estate planning, go to www.diesmart.com.

Bad mistake made by heiress Huguette Clark

Huguette Clark was an heiress who died in 2011 at age 104.  She left behind a $300 million estate.  The bulk of the money was inherited from her father, a copper tycoon in Montana.   She owned a 23-acre estate near Santa Barbara valued at $100 million, a $24 million house in Connecticut and a $100 million coop on Fifth Ave. in New York.  She was a painter and a collector of rare French and Japanese dolls.  She had no children, no close relatives and only limited contact with any of her distant relations.

She spent the last 20 years of her life living at Beth Israel Medical Center as a recluse, closer to her doctors and nurses than any family.

When she died, the only people who attended her burial were funeral home employees.

What did she do wrong?  She left behind two wills, written just six weeks apart.

The first one left  $5 million to her nurses and the balance of the estate to her distant relatives, even though 14 of the 19 involved said that they had never even met Huguette.

The second will left nothing to the relatives.  It specifically said” I intentionally make no provision…for  any members of my family…having had minimal contact with them over the years.”  Instead, charities are the largest beneficiaries, receiving over 80% of the estate.  Also named was her registered nurse, Hadassah Peri, who would receive $15.3 million after taxes, and a goddaughter who would get $7.9 million.  Lesser beneficiaries included Beth Israel Medical Center, her attorney, her personal assistant, her accountant, property managers and one of her doctors.

In addition to what she was given in the will, her registered nurse received more than $31 million in gifts before Clark died and the estate administrator is asking that the $31 million be returned to the estate.

Family members are claiming that the second will was written under duress when she was mentally ill and incompetent and the victim of fraud by her nurse, attorney and accountant.

Negotiations have been going on for a few years, with 60 attorneys involved in the case.  However, the chance of a settlement is not certain and a jury trial is scheduled to begin in Surrogate’s Court in Manhattan on September 17th.

Huguette Clark should have had better legal counsel when she decided what to do with her sizeable estate.  She should have prepared a trust, including directions on who had the right to make decisions on her behalf when she was unable to do so.  And she probably should have destroyed the first will.

It will be interesting to see what the probate court decides if a settled hasn’t been reached prior to September 17th.

For more information about Hugette Clark and her reclusive life, look for a book being released on September 10th titled “Empty Mansions: The Mysterious Life of Huguette Clark and the Spending of a Great American Fortune.”

To learn more about how to plan for the end of your life, go to www.diesmart.com.

25 Documents You Need Before You Die

Recently, the Wall Street Journal weekend edition had a very interesting article titled “25 Documents You Need Before You Die.”

Basically, it says that you should make sure that the originals of all of your valuable papers are put somewhere safe and that a loved one knows where that safe place is. Otherwise, when you become incapacitated or after you die there may be a great deal of frustration and unnecessary work as your heir or estate representative tries to figure out what you’ve done and how to prove it.

Check out this article and also check out Die Smart for more information on what to do.