Happy Thanksgiving from our family to yours.
(Apologies for tardiness – I posted this on Facebook on Thanksgiving but have been too slammed at work to post it here).
Gambling On Intestacy
- Tuesday, 28 November 2017 21:05
Famous and infamous people are dying every day – Hugh Hefner, Malcolm Young, Charles Manson – but there is nothing newsworthy in their estates. Digging somewhat deep, it has been reported that notorious Las Vegas mass murderer, Stephen Paddock, did not leave a will to dispose of his reported $5 million estate. A Clark County, Nevada court had a hearing last week to determine who should administer his estate. Paddock’s 89 year old mother has declined to serve as administrator. It is likely that the Clark County Public Administrator, an elected official, will fulfill the responsibilities. The court will eventually determine who is to receive the estate proceeds.
Several points:
1. The complexities of dealing with the issues in this case are certainly above the ability of an 89 year old woman.
2. As meticulous as Paddock seemed, it might appear surprising that he did not have a will. However, maybe that is one more facet he thought through – he did not want to burden a familu member with the task of administering his estate.
3. With respect to who will eventually receive his estate, I am betting on the lawyers.
Photo Credit: AP/Eric Paddock
License: Fair Use/Education
Vegemite Redux?
- Monday, 30 October 2017 10:59
Vegemite Redux?
In the intersection of two common themes here (Australian probate craziness and the danger of DIY wills), a terminally ill Australian woman filled in a DIY will while (whilst?) at the hospital. The will was only four pages long, but had multiple pages of attachments addressing her wishes from who would receive her house (apparently multiple charities depending on her thoughts at the moment) to who would receive her step ladder, cow bell, and scrapbook items. The Australian court admitted the will to probate, but the future interpretation and litigation will incur tens of thousands dollars in legal fees for her estate.
A few low hanging points:
1. The cost of attorney fees for preparing a will properly is minor compared to the costs of fixing a will that was not prepared properly.
2. The larger intangible cost for this woman is that her assets might not be distributed to her preferred charities/individuals and under the terms she truly wanted.
3. Call me unsentimental, but I doubt anyone cares about the step ladder, cow bell, and scrapbook stuff.
Photo Credit: Zicasso Travel Website/unknown
License: Fair Use/Education
This Explains Vegemite
- Thursday, 19 October 2017 07:49
In Australia, a man who was despondent after his wife left him drafted a text message to his brother saying that he wanted his brother and nephew to keep all that he had, told him where his cash was stashed, provided the PIN to his bank accounts, bashed his wife, then signed it “my will.” He did not send the message. After the man killed himself, a friend found the unsent message on his phone. A court has admitted the text message as the will of the deceased man.
A few points:
1. Although digital wills are around the corner, this would not work in Ohio because it was not witnessed nor signed.
2. Unsent? I find it similar to an unsigned will – there is not enough proof that this is his intent.
3. A court in Australia previously held that a will typed on an iPhone was valid.
4. At this rate, Australian courts will soon declare wills written with all emojis as valid.
Photo Credit: news.com.au (?)
License: Fair Use/Education
“Who Wants Flowers When You Are Dead? Nobody.”
- Wednesday, 11 October 2017 15:30
Lamont Buchanan, the reputed role model for the second greatest fictional character of all-time (Holden Caufield of “Catcher in the Rye”) died without a will two years ago. A woman claiming to be his long-lost 80 year old niece was located by several heir hunting firms and has now stepped forward and filed documentation to prove that she is his closest living kin. Buchanan was an author who lived in an NYC rent controlled apartment and essentially stopped working in the mid-50’s. His estate is valued at $15 million.
A few points:
1. A childless widower worth $15 million should take the time and splurge on legal fees to prepare a will so his fortune ends up with those charities or people important to him rather than defaulting to a woman who was unaware of his death.
2. After estate taxes, a $15 million estate in NY is worth $10 million.
3. Perhaps the owners of his rent controlled apartments should share in his estate because the mandatory low rents likely contributed to his accumulated wealth.
4. It would be ironic if the woman claiming to be Buchanan’s niece is a phony.
Photo Credit: NY Daily News
License: Fair Use/Education
Contact Info
Address
Law Office Of Jay Brinker
1 E. Fourth Street - Suite 900
Cincinnati, OH 45202
Phone
(513) 665-4888