Wills Can Leave a Bitter Legacy
Poor planning, vague bequests may lead to family feuds, lawyers warn
May 25, 2002 -- Recently, there
have been many high profile family feuds over the assets of deceased
celebrities. Frank Sinatra's three children sued his widow, his fourth wife, who
was left a multimillionaire at his death, when she was slow to ensure that they
received the $200,000 U.S. and personal items left to each of them.
Former Playboy Playmate Anna Nicole Smith recently won an
$88.6 Million U.S. victory in a complex legal battle with her stepsons over the
estate of her late husband of 14 months, estimated at more that $1 Billion U.S..
The Texas oil tycoon had wheeled into the bar where she was a topless dancer.
The pair wed in 1994, when she was 26 and he was 89.
But you don't have to be rich and famous to die leaving a Will
that will leave your family members at each other's throats. Lawyer Les Kotzer
and his partner Barry Fish wrote a book full of do's and don'ts and cautionary
tales about Wills. The book is based on their professional experience and is
called The Family Fight: Planning to Avoid It.
Wills that have been prepared without considering all of the
circumstances are "ticking time bombs", says Kotzer. "The
explosions and rifts that result can last for generations. Of course," he
hastens to add, "failing to make a Will is not going to lead to a desirable
situation either." If you don't have a Will, your same-sex partner or your
common-law spouse will (probably) inherit nothing. "The government will
write your Will for you," observes Kotzer. "The law doesn't favor the
caregiving child, and gives just as much to the child you haven't seen in 20
years. It doesn't give your best friend anything. The situation is a real
mess."
Choosing whom to give legal responsibility for
power-of-attorney for health care and for property, and executorship of a Will
is critically important, he advises. "If the children have no legal power
then the government becomes the guardian of your property", Kotzer says.
It's best to talk openly with family members, to make sure that people's
attitudes are as clear as possible. Don't assume that the oldest child, or the
child who is best in math, wants the responsibility. With the medical
power-of-attorney, it helps if you can appoint someone who lives close to you,
and to carry a card with this information in your wallet.
One feature of a Will that is full of potential for family
battles is the disposition of personal items. You don't have to be rich to leave
fights among your children. "Often, the fighting is not over money, it is
over memories", Kotzer says. "Don't assume goodwill. Be as specific as
possible. Leaving 'all my antiques' to a particular person invites a battle over
what is an antique in terms of the Will and what is not."
"Review the Will regularly and make sure things have not
changed in value, knocking everything off balance. There are no easy
answers", Kotzer says. "There are strategies and suggestions, and it
may help to look at other people's experiences. But don't rush to judgment.
Think about what you are doing."
(Based on an article from Janice Mawhinney, Life Writer,
The Toronto Star, May 25, 2002)
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