Here is a common discussion I have when first sitting down with clients.
Me: If you die, who would you like to inherit your assets?
Client: Well, I'm not married and I have no children, can I leave half to my friend and the other half to my college....is that okay?
Me: Yes, of course you can do whatever you want. This is about taking control.
And now I have a great example to offer as an illustration. Recently an elderly Illinois man died. He had no spouse, no children, but he left a will in which gave the bulk of his estate (approximately $1 million) to two actors from the 1980s and 1990s -- Kevin Brophy and Peter Barton. The will refers to them as friends, but personal papers show that the deceased was more of a fan than a friend.
So there you have it, with a will you can pretty much leave your estate to the person(s) of your choice. Exceptions may sprout up if you are married, but for the most part, a will is taking control and telling the court what you want to happen.
As I finish typing I wonder if I'll ever have the good fortune to handle a probate in which a star is named, if so, I'd be giddy if it were George Clooney!
Making sense of illness, death and taxes through the eyes of Attorney and Author, Melinda Gustafson Gervasi
Tuesday, February 12, 2013
Illinois Resident Leaves Estate to 80s and 90s Actors
Labels:
Wills
Melinda Gustafson Gervasi is a Madison attorney and author whose current practice focuses on estate planning and probate. She is committed to increasing the public’s understanding of estate planning and probate issues. In 2013 she released her first book, Middle Class Philanthropist where she illustrates how anyone can leave a legacy. Gustafson Gervasi Law Office, LLC, 5555 Odana Rd., Suite 205, Madison, WI 53719
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