Rochester Estate Planning Law Blog

You may remember when comic creator Stan Lee began creating some of our most beloved pop culture figures in the 1960s. Lee’s popularity only grew through the years as his creations expanded to television, movies and more. In late 2018, Lee passed away at the age of 95.

In his later years, Lee was under the care of his then manager. Recently, s former manager for false imprisonment, grand theft, and elder abuse for knowingly inflicting mental harm on Lee. Prosecutors allege that the former manager stole $250,000 and fraudulently held Lee captive. Should a jury find the ex-manager guilty on all counts, he could face 10 years in prison.

Some may believe writing a “last will and testament” can wait until tomorrow. But tomorrow is not guaranteed. If you don't write or help create “a will” and pass on, New York State will take over and divide the assets. The state has defined standards for dividing an estate holder’s property. It does not try to figure out the wishes or the goals of the deceased. It also does not accommodate the unique interests of a family. 

Many people, from all walks of life with considerable assets, have failed to put together a last will. You shouldn’t be one of them. Absence of a will creates enormous uncertainty and often leads to turmoil and conflict among family members and loved ones. Quite commonly, this can lead to legal battles that were completely avoidable.

For many New Yorkers, the creation of an estate plan is viewed as final with no changes necessary. Some might have taken a significant amount of time before finally crafting an estate plan to prepare for the future, but when they did they were fully prepared to leave it as is. However, major problems can arise if the document is not updated when changes to a person's life happen. Even with the most comprehensive strategies for estate planning are frequently insufficient because of a failure to update. There are several reasons why it is important to update an estate plan and having legal advice when doing so is critical.

While a will a trust or other estate planning device is meant to prepare for the testator's death, others who are named in the document might die first. Failing to change a will can leave a new spouse, children who were born after the document was completed and others facing problems because of this oversight. Tax implications are often ignored. With each new presidential administration, there will undoubtedly be changes to how estates are taxed. For those who have a large estate, creating an estate plan based on the tax laws at the time is wise. But when a new administration comes into the picture and changes the law, this must be addressed in the estate plan to avoid heirs being stuck with a large bill.

A well-drafted estate plan should represent your wishes at the time you and your lawyer executed it. However, life can throw a lot of changes at you, and you may find that after a few years your plan no longer reflects your wishes.

With wills and other estate planning documents, it is important to remember that there are laws governing how they can be changed. Knowing how to revoke or alter a will requires legal assistance.