14 Jun Updates to your Will & Estate Plan are Crucial!
You’ve taken our advice, sat down and put your Will and Estate Planning documents in place. That’s great! Now, were they reviewed for errors? Are updates needed?
Take the case of Anna-Nicole Smith, who died from a drug overdose in 2007. She did the right thing and had a Will, but at the time of her death, it was found that it had never been reviewed and updated appropriately. Anna-Nicole’s Will left her entire estate to her son Daniel, who had died six months earlier. It did not mention her daughter, Dannielynn, who was born just three days after Daniel’s death. Confusing things further, the language of the Will excluded any of Smith’s future spouses or children, but in other sections instructed the executor of her estate to ensure that her children were “distributed sufficient funds for their health, education and support.”
There was a lot at stake, because although Anna-Nicole’s estate was valued at only around $750,000, her heir stood to inherit as much as $1.6 billion from her lawsuit in the estate of her late husband, J. Howard Marshall II. The legal battles over Anna-Nicole’s estate lasted for years and involved the Federal courts.
Have you divorced and remarried? Have you bought or sold property or a business? Have you been blessed with a new grandchild? Have you suffered the loss of a dear loved one? Remember to consult your lawyer when faced with major life events so your Estate Plan stays properly updated.
Tessmer Law Firm, PLLC can review your current Estate Planning documents and help you update or revise where necessary. Call us today at 210-368-9708 for more information.