WHO “WILL” GET
YOUR ASSETS?
Estate of Duke, filed July 27, 2015
If you
don’t properly document your wishes, your assets may be part of a long and expensive court battle after you die over unjustified
claims of “mistake.”
In an historic ruling, the California Supreme Court reversed
the rule on what evidence can be used to determine the meaning of an unambiguous
Will. Rather than only looking at the document itself, in some circumstances the
Court will consider all evidence that proves the decedent’s true intention. Which
could translate into litigation over your true intention, unless you plan your
estate properly.
Irving
Duke wanted his assets to go to his wife, but if he and his wife died at the
same time, he wanted his assets going to various charitable organizations. He
handwrote a will, stating his intention. He never specified what he wanted if he
died AFTER his wife died, which is exactly what happened.
After Mr.
Duke died, his nephews filed a claim saying that they were the rightful heirs
despite the Will. The lower court agreed with the nephews. The charities were
out of luck because the Will, leaving the assets to charity, only applied if
Mr. Duke and his wife died simultaneously. Since that didn’t happen, the
nephews were entitled to his assets as his heirs. The court did not consider
any evidence about Mr. Duke’s estranged family relationships.
However,
changing 50 years of established law, the California Supreme Court ruled that such
evidence may be considered in determining the effect of Mr. Duke’s Will. The
High Court held that extrinsic evidence, meaning facts not found within the estate
planning document, may be introduced to change the effect of a Will if clear and
convincing evidence establishes a mistake and shows the decedent’s true intent.
“Will”
your named beneficiaries get your assets, or will a judge determine the fate of
your assets? A carefully drafted written estate plan is the key. If you omit something,
like Mr. Duke’s omission about whether the charities should get his assets if
his wife died before he died, the court may decide whether to override
your stated desires. Properly document your wishes to avoid
a long and expensive court battle about your true intentions.
If you
want to properly plan your estate, you’ll find what you need to know in my new
book, Create
Your Best Legacy, available in hard copy and kindle version: Click
here to purchase now.
A published author and guest on radio and TV, attorney Michelle
C. Lerman is certified by the California Board of Legal Specialization of the
State Bar of California as a Legal Specialist in Estate Planning, Trust and
Probate Law. She has been included in the Northern California list of “Super
Lawyers” for 2009 and 2010. She specializes in custom legacy plans
for the unique needs of families with children. Practicing law for over 30
years, she has published numerous articles on estate planning for families.
Tel: (310) 295-1951 / (415)
454-0455
E-mail: michelle@lermanlaw.com
Website: www.myestateplancenter.com
No comments:
Post a Comment