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(Part of a series of articles on charitable giving and the Union County Foundation by David Vollrath - Exec. Dir.) Bill was 69 years old and didn’t have a will. He didn’t feel a will was pertinent to him because after all he was in great health. Bill walked every day, he took all the right vitamins, and he was careful about his diet. Bill golfed 2-3 times a week and didn’t even ride in a cart. He took pride in the fact that many golfers half his age wouldn’t think of "walking" a course. Bill figured some day when death was a little more relevant that he might get around to that will issue. Unexpectedly Bill’s life was suddenly cut short by a fatal car accident. He was life flighted to the hospital but he never regained consciousness and therefore never had a chance to complete and sign a will. Thankfully Bill’s story is fictional but it is very similar to the mindset lots of people have regarding wills. Let’s look further at the implications of Bill’s procrastination regarding preparing a will. Bill’s estate was substantial (well over $1,000,000) by the time you figured in the value of his home, additional property, life insurance, family business, and retirement savings. Since Bill didn’t think it was time yet to prepare a will his estate had to be probated without one. This meant Bill’s extended family including nephews, nieces, cousins, and even some relatives he had never met fought over his estate. Bill’s property and assets had to be held by the estate for several years while the would be heirs waited until the will contest was settled. Since Bill didn’t have a will the court had to appoint an executor. Bill always figured his brother Jack would be the logical and best choice for executor but the court appointed a local attorney who by their own admission already had a "nearly insurmountable work load." Without a will as a roadmap the amount of time to settle the estate was greatly increased. During all the delays the court appointed executor, the involved attorneys, the CPAs, appraisers, etc., etc. all continued to generate and receive substantial fees while the family waited in frustration. After substantial delay the estate was finally settled and the much-reduced estate was distributed to Bill’s family according to the state law for division. The division was a lot different than Bill would have designated had he taken the time to prepare a will. Of course the settlement didn’t set up the scholarship fund to honor Bill’s parents, which was always what Bill had dreamed of and intended. To make matters worse after the settlement many family members never again spoke to each other. Bill knew he eventually would die but he assumed that time would be far in the future. Clearly no one knows what tomorrow holds. Bill missed a great opportunity to conserve his estate by minimizing tens of thousands of dollars of estate taxes, attorney fees, and accounting fees. By not having a will he also lost the opportunity to leave a lasting legacy in the form of the scholarship fund he had always dreamed of. But probably most important of all he lost the opportunity to best preserve family peace. The Union County Foundation is equipped to help you achieve your charitable goals and to answer questions you may have regarding planned giving. Please call us at 937-642-9618, email commfounduc@imetweb.net, reference our website at www.emarysville.com/unioncountyfoundation, or stop by our Marysville office at 126 N. Main St. We are committed to helping you.... “preserve your footprint in time.” |
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