Tag Archives: designate

Who Will Receive Your Property??

Great review of basic considerations before finalizing your estate plan.

“Who should receive my property?” asked Helen to her attorney, Clara. “There are so many decisions to make. Since Morgan passed away, I need to make these decisions myself. Should I give property to the children outright or in trust? Is there a best age for them to receive the property? And what if one of them were to pass away before I do? The grandchildren are still too young to manage property. I also have made a loan to one of the children. Should I forgive that loan? And what about my dog Rover? Who will take care of Rover?” Continue reading

Wills – Good and Bad

Published November 2, 2012
United Methodist Foundation for the Tennessee and Memphis Conferences

Where is the Missing Will?

More than 40 wills were submitted to the probate court, with a multitude of potential heirs each claiming to be the true recipient of a wealthy business owner who passed away in 1976. With a $2.5 billion estate at stake, there was an intense interest in the decision of the court.

After extensive review of the 40 documents, the court finally determined that none of the 40 wills were valid. Because there was no valid will, the court divided the $2.5 billion estate among 22 relatives. Court costs, attorney costs, and estate taxes were enormous, but the 22 heirs still each received millions of dollars.

 Why is a Will Important?

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