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
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
When unfunny comedian, Jerry Lewis, died last month, he was survived by 5 sons from his first marriage, his second wife (SanDee, a former Vegas dancer 25 years younger than him), and a daughter from his second marriage.
His 2012 will left his entire estate to his wife and daughter. He purposefully excluded his six sons (including his son who died of a heroin overdose in 2009) and their descendants. Lewis’ sons had long accused him of treating them cruelly with the deceased son claiming that he had beaten them viciously. When that son died in 2009, Lewis refused to pay for his funeral. Lewis is reportedly only worth several million dollars, but the value of his estate is in the movie rights he owns to his movies.
Several minor points:
1. Lewis was not obligated to leave anything to his sons.
2. It was smart of him to specifically exclude the descendants of the deceased son so someone cannot try to claim part of the estate by alleging to be an illegitimate grandchild.
3. I would have taken the under on an allegedly cruel man remaining married to a Vegas dancer with two capital letters in her name for 35 years.
Photo Credit: WireImage
License: Fair Use/Education