Articles Posted in Estate Administration

News outlets recently reported the tragic death of Shannen Doherty at the young age of 53.  Ms. Doherty was best known for playing “Brenda Walsh” in the series “Beverly Hills, 90210.”  She was diagnosed with cancer in 2015 and bravely fought against the disease until her death.  The actress was survived by her mother, brother and estranged third husband, as well as her dog.  She did not have children.  Knowing that she was terminally ill allowed her to make  appropriate personal and legal plans.

It has been reported that Ms. Doherty made her funeral wishes and preference for the disposal of her remains known to those close to her.  The actress handled these aspects properly.  It is not preferable to request that your attorney include these preferences in a Will for the following reasons.  The survivors are most likely to have the funeral conducted and the remains disposed of before locating a Will or other written directions from the deceased or her attorneys.  Then, it may be discovered too late that these activities were conducted in a fashion contrary to the desires of the deceased.

Ms. Doherty had an extensive furniture collection and more personal belongings than she needed.  She wanted to make things “easier for her Mom” by selling her belongings as she prepared to pass away.  Also, if her personal property in effect was converted to cash through sale, arguments over who would receive her personal property could be avoided.

Many viewers have been intrigued by the popular television series The Golden Bachelor, in which an older widower selected the second love of his life as his fiancee.  The widower was portrayed as absent from the dating scene after the death of his wife.  On the eve of the final episode, an article was published describing the bachelor’s relationship after the death of his wife with a live-in girlfriend and unsavory details about the golden bachelor (Gerry).  For instance, Gerry’s thrifty side allegedly caused him to “go dutch” on all expenses and activities with his girlfriend.

One distinguishing factor between the show’s two finalists (Leslie and Theresa) was that Theresa may be wealthy.  During their last date, Gerry asked Theresa about her professional life.  She stated that she was a homemaker before she dappled in the stock market.  She was successful trading stocks for herself and then started a career as a financial services professional.  Gerry, who has been reported to have a questionable professional history, was quite impressed by this information.  Perhaps the golden bachelor is actually a gold digger seeking wealth.  This post will examine estate matters to be addressed on behalf of older individuals such as Gerry and Theresa, aged 72 and 70 respectively.

A newly engaged couple with children and grandchildren from a prior marriage should seek the advice of an experienced attorney.  It would be prudent to draft estate documents whereby the second spouse would not inherit outright, but would receive income during lifetime from assets held in a testamentary trust, with the balance to be delivered to the children or grandchildren of the first marriage.  This plan will protect the spouse’s family of the first marriage from a second spouse who may be motivated by acquiring wealth from the new spouse.

The recent death of Matthew Perry, best known for playing “Chandler Bing” on the popular sitcom Friends, has deeply affected many of our readers.  Although Perry was known for his fabulous sense of humor, the dark side of his life was notable for his addiction to alcohol and drugs, almost causing his death numerous times.  His painful life was documented in his memoir entitled Friends, Lovers and the Big Terrible Thing.

The Emmy nominated actor may be “The One with Estate Issues.”  Although this author is not privy to the details of Mr. Perry’s estate, this post will discuss some of the estate concerns that could arise.  Mr. Perry died at his home in California.  Most if not all of Mr. Perry’s estate will be determined by California law as a result.  However, if he happened to have owned a pied-a-terre in Manhattan, the disposition of that property would be determined by an ancillary proceeding in New York after the completion of any California proceeding.  The remainder of this post will address the legal result as if Mr. Perry had died in New York, since the legal matters covered by this blog deal with New York law.

It must be determined whether or not Mr. Perry had a Will.  If there was a Will, it would be subject to a probate proceeding, whereby the Will would be submitted to the Surrogate’s Court and Letters Testamentary would be issued to the named Executor.  In order for a Will to be valid, the testator (person making the Will) needs to have mental capacity and not be impaired by alcohol or drugs when signing the document.  Certainly, a person such as Mr. Perry may have had issues concerning mental capacity when signing a Will.  However, experienced attorneys who properly conduct the will execution ceremony will not proceed if their client appears impaired at the time of signing.  Likewise, the witnesses should simultaneously sign a “self-proving affidavit” whereby they are confirming that the testator was of sound mind and under no physical or mental impairment that would affect his capacity to make a valid Will.

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.