Estate Planning in the Age of Misinformation

Estate Planning in the Age of Misinformation

By Melinda Gustafson Gervasi

June 7, 2021

As the academic year comes to a close, I reflect on the many concepts my children studied during a year of virtual learning.  Math has gone from numbers the symbols used in geometry and algebra and social studies as moved beyond memorized State Capitals to more in-depth critical analysis skills.  Primarily the validity of source information.  

As my daughter finishes her elementary school years I read along as she studied the last novel of her 5th grade education -- The Westing Game by Ellen Raskin.  Published by Puffin Modern Classics in 1978 the book plunges the reader into a mystery surrounding the will of an eccentric millionaire who lived in town.  Sixteen named heirs compete with each other to determine who killed the testator, Sam Westin, with the winner set to claim the $200 million estate.  Well I wasn't 5 pages into the book and rolling my lawyer eyes at the absurd "legal proceedings".  I set aside my critical eye, enjoyed the fiction for what it was, and had lovely discussions with my daughter as her class read along.  However, it hit me that 5th graders are reading about estate planning and probate with no disclaimer that it is utterly false.  From a very young age the general public is fed information on an area of law that touches every single person's life.  

As you gather information for yourself on estate planning and probate, I urge you to pause and consider your source.  For example:

• Your lovely younger sister who lives in New Mexico tells you, a Wisconsin resident, all about the process she used to set up an estate plan.  Remember, estate planning and probate laws are written by STATE legislatures.  That means we have 50 different sets of laws on this topic.  While some concepts may be the same, the laws are likely quite different
• The banker you have worked with for the past decade keeps nudging you get a living revocable trust.  While he likely means well, he is not a lawyer.  Routinely I work with clients to untangle a mess of joint accounts or beneficiary forms that do not follow their wishes, but were recommended by a financial advisor/banker.  Take the suggestions into consideration, but check with an attorney before signing any documents.
• Acknowledge it's fiction when you are watching a movie, TV show, or reading children's books (they always kill off the mom!).  What makes for entertaining or suspenseful writing does not make it legally sound. 

Image by M. Gustafson Gervasi 2021

Best wishes for your summer.  Thank you for reading. Remember that a blog is meant to spark thought and discussion.  It is not legal advice nor is it your lawyer.  Always consult with a licensed attorney in your home state for advice specific to your situation.