New York Real Estate Lawyers Blog

Some of our clients have valuable personal property, such as artwork, antiques, baseball cards, figurines and the like.  They may wish to leave such collections in their Wills to a particular person.  In other cases, none of the potential survivors is interested in possessing and storing such a collection.  This post will address the best means by which to manage collectibles, known as personal property, in estate planning.

Collectibles by their nature are of interest mostly only to the collector, who may scour small stores and dealers during his lifetime to obtain such items.  The thrill is in the hunt for the unique baseball card that may complete a set and to then enjoy the display of such item in one’s home.  Collections of personal property are not only a financial investment to the collector, but provide a lifetime of enjoyment to the collector.  Potentially one family member may be interested in acquiring the collection after the person’s death.  In such a case, an experienced attorney will advise that the collection be appraised and mentioned specifically in one’s Will, so that it is clear that a particular person should inherit the collection.  Then, the person who will receive the collection may receive less from any remaining inheritance to compensate for the value of the collection.  For instance, if one child is interested in antique furniture owned by her mother, the mother or the Executor eventually appointed by the Surrogate’s Court can have the furniture appraised.  The child who will receive the furniture may receive less cash from the balance of the estate to compensate for the value of the furniture, so that the estate distribution is fair to all involved and the person who appreciates the collection receives it.

Another option is for the collector to give portions of the collection to family members during his lifetime, so that he has the satisfaction of observing the appreciation of family members who receive the items.  This is also helpful if the collector is downsizing and selling her home and may not have room for such a vast collection in the new home.

We were “all shook up” to hear the surprising news of the untimely death of Lisa Marie Presley, the daughter of Elvis Presley.  Ms. Presley passed away in California.  She may have had a Will that directed the disposition of her assets.  This post will address the legal result if Ms. Presley had died in New York without a Will, legally defined as intestacy.

Ms. Presley could not “help falling in love.”  She was engaged five times and married four times.  All of her marriages ended in divorce.  Her former spouses would not inherit under the New York intestacy statute.  Since Ms. Presley was survived by her children, her Mother Priscilla Presley, who also survived her, would not inherit any of her assets.

The intestacy statute would provide that Ms. Presley’s surviving children would inherit her entire estate.  Tragically, Ms. Presley’s son predeceased her.  If her son left a surviving child, such grandchild would inherit the son’s share.  If there was no surviving grandchild, then the son’s share lapses and is to be shared with his surviving siblings.  It should be noted that two of Ms. Presley’s daughters were only fourteen years of age at her death.  As a result, a Guardian is likely to be appointed by the applicable Court to manage the inherited assets on behalf of the underage children who cannot inherit outright.  Guardianships typically last until the child is 18 or 21 years of age, depending upon the circumstances.

It is not uncommon for children from a prior marriage to have a legal dispute with a surviving spouse concerning a Will.  The New York Post recently reported that the children of deceased hockey legend Rod Gilbert have sued his surviving widow concerning the disposition of his estate.  Hockey Hall of Famer Gilbert was a beloved Rangers player, known as “Mr. Ranger,” and was the all-time leader in goals and points for the blue shirts.  He accumulated a significant collection of memorabilia and enjoyed material wealth.  He married his second wife thirty years before his death.

The children from his first marriage have alleged that the stepmother pressured Gilbert to change his Will on his deathbed to eliminate them from receiving the collectibles and substantial cash.  There has been a claim that, during his lifetime, Gilbert promised to leave his children particular assets and that the documents prepared in his final days did not reflect promises made.  Suspiciously, the Gilbert home was sold less than two weeks before his death and the proceeds were then “not available” to pay monetary bequests to the children.

The stepmother in this case presented a letter allegedly signed by Gilbert that reversed the prior bequests of memorabilia to the children and instead gave them to his wife.  It should be noted that a letter is usually not valid to change the terms of a properly executed Will.  In order for a Will to be legally valid in New York State, it needs to comply with the Statute of Wills.  In addition, any amendment or revision to a Will needs to be accomplished by a Codicil that also needs to comply with the Statute of Wills in order to be legally valid.  A less formal “letter” is highly unlikely to comply with the requirements of a Codicil in order to amend the Will terms.