Fall has arrived. The leaves are falling. Pumpkin is the go-to ingredient. It’s time to indulge in a spooky estate planning tale. No such thing? Maybe you’re right – but there are certainly a couple of spooky probate tales. Don’t believe us? Here is one now. Read on … if you dare.
As the legend goes, Lizzie Borden may have “taken an axe and given her mother forty whacks.” What is known for certain is that her estate did in fact endure a huge whack! Lizzie, who died June 1, 1927, had a Will. However, she seemingly didn’t have a Trust, and the Will wasn’t drafted particularly well.
How do we know?
Lizzie’s Will failed to mention who she intended to inherit her home. Her executor, Charles C. Cook claimed he was the intended recipient. To his dismay, his claim was challenged by Lizzie’s cousin, Grace Hartley Howe, and closest friend, Helen Leighton. According to the Will, the ladies were due to receive the “residue” of Lizzie’s estate, and were certain the home was intended as residue.
The result:
The house would eventually be awarded to Grace and Helen after six long years of probate.
The moral of this ghastly tale is this. If you have considered drafting your own Will, please reconsider. Make certain you consult with and hire a capable estate planning attorney. Be sure all possessions are listed in your Will. Have a Trust drafted, and include all properties in that Trust. If for any reason (refinancing for example), you must remove a property from the Trust, be certain to have it put back. Updating every couple of years will help. Otherwise, your estate could be in choppy condition.
