Will Tag Archives — Page 2 of 3 — Houston Estate Planning and Elder Law Attorney Blog

Family Feud: Sibling Rivalry Extends Beyond the Grave

Published on: August 3, 2015 | By McCulloch & Miller, PLLC

Wealthy mining magnate Harry Magnuson thought that his estate plan was all settled, and it was, while he was alive. But his wife did not follow the plan he had created, and as a result, one of the Magnuson children is now suing his siblings over an inheritance.

When Harry Magnuson and his wife Colleen had their estate plan created in 2002, the structure was relatively straight-forward: if Harry died first, everything would be left to the surviving spouse. When Colleen died, the entire estate was to be divided equally among the couple’s five children.

Harry passed away in 2009 and Colleen received everything as planned. However, when she passed away, everything was not divided equally between all of the children.

$788K Estate Could Remain Unclaimed

Published on: June 8, 2015 | By McCulloch & Miller, PLLC

Thus far, many people have attempted to establish a link – none have been successful. If no one claims the inheritance in 30 years, the money goes to the British crown.

No will or other estate planning documents could be found for Kathleen Hilda Ryan, who passed away in Greenwhich, United Kingdom in 2013 with an estate valued at $788,000. She had inherited the bulk of it from her sister, Joan.

Kathleen had no children of her own and no living siblings.

Houston Families: Be Aware of Elder Fraud

Published on: May 29, 2015 | By McCulloch & Miller, PLLC

A Walnut Ridge woman was arrested Thursday for forging a will after someone else had died.

Another scammer made the news recently, this time involving a forged will.

KAIT reported the story in an article titled "Woman arrested for forging new will after someone died."

Suspicions Arise When Doctor Is Added to Will

Published on: October 31, 2014 | By McCulloch & Miller, PLLC

Donna Spears, a longtime friend of centenarian Helen Schlesinger, claims in her Manhattan civil suit that New York-Presbyterian physician Dr. Lawson Moyer has broken the law by both treating the 470 Park Ave. resident and appointing himself as her power of attorney.

Can you trust your doctor with your will?

A recent article in The New York Post, titled "Doctor wrote himself into 102-year-old patient's will: suit," tells the story of a lawsuit recently filed in New York. Helen Schlesinger is 102 years old and has assets worth millions of dollars. In 2003, she wrote a will leaving the bulk of her estate to her friend, Donna Spears, and an unnamed family member. Spears has filed a lawsuit against Dr. Lawson Moyer. She alleges that after he began caring for Schlesinger, Moyer rewrote her will. The new will allegedly gives Spears only $25,000. It also leaves $100,000 to Moyer with the remainder to be distributed to charities.

The World Knows All About Lou Reed’s Estate – Do You Want the Same Exposure in Houston?

Published on: July 29, 2014 | By McCulloch & Miller, PLLC

If Lou Reed had used a revocable living trust, and transferred his assets into the trust during his life, then all of this information would have been kept private. No one would know how much he had, whom he left it to, or how much his executors were charging.

When a celebrity passes away, reporters scramble to find out how much money the celebrity had and how it will be distributed. But how exactly are they getting the information? Is it in-depth investigative journalism … or a common estate planning mistake?

Recently, the New York Post has had story after story about the specific details of Lou Reed's estate plan. We know how much he had when he passed away. We know how much money his intellectual property interests have earned for his estate since he passed away. We also know how much money each of Reed's heirs will receive. How do we know so much?

No-Contest Clause: Don’t Let Heirs Contest Your Houston Will!

Published on: March 27, 2014 | By McCulloch & Miller, PLLC

A no-contest clause may be a good idea if you have a beneficiary who may be upset by the property distributed to him or her.

Consider this common estate plan predicament: you are drafting a will and know that if it is challenged by a spurned heir or for anyone for any reason, it will end up potentially ruined on the shoals of probate for all to see. What can you do?

This scenario is a all too common. Fortunately, a well-drafted will in many states can include a powerful tool such as a No-Contest Clause. Recently, ElderLawAnswers considered this approach in an “answer” titled “Using a No-Contest Clause to Prevent Heirs from Challenging a Will or Trust.”

Wills And Trusts: Do Houston Families Need One Or Both?

Published on: March 14, 2014 | By McCulloch & Miller, PLLC

The question that many Americans want answered is: is a will or trust best for retirees?

There are simple solutions to simple problems, and complex solutions to complex problems. That being said, when it comes to estate planning many Americans ponder the following: "will or trust?"

If you have found yourself between these horns of dilemma, the simple will and the (sometimes) complex trust arrangement, then you will want to consider a recent Forbes article titled “Wills vs. Trusts: What's Best For Retirees?”

Preparing A Will: What, Where And Why for Houston Residents

Published on: February 17, 2014 | By McCulloch & Miller, PLLC

You should prepare a will so your heirs will be taken care of in an organized, legal and efficient manner, according to your wishes.

Preparing your will is not exactly a "fun" thing to do, as most people don't want to think about the end of their own lives. Even Baby Boomers that are reaching that stage of life procrastinate on this arduous task.

Whether you tell yourself there is still time or “I do not have enough assets to have an estate worthy of planning,” the excuses likely run much deeper. Perhaps you are intimidated by the process, by the concept of facing mortality, or the fact that you really need to involve (and pay) an attorney to help you.

Options in Houston Include Six Unique Trusts For Unique Circumstances

Published on: February 4, 2014 | By McCulloch & Miller, PLLC

You might be a candidate for a trust that you never needed before.

A trust is a great tool within an estate plan, one with unique goals depending upon the one making the plan. Some goals are very common, while others don't exactly follow the mainstream.

A recent lighthearted Forbes article titled “Six Trusts For The Person Who Has Everything Else” pulled back the curtain for a look into the world of unique trusts for unique circumstances. [Spoiler alert: There are really four trusts, one special bank account, and one misguided attempt to emulate the trust format.]

Inherited Homes And The Challenges Ahead for Houston Families

Published on: February 3, 2014 | By McCulloch & Miller, PLLC

The process of selling a relative’s home is likely going to be emotional, from the sorting of the personal belongings to the finalization of the sale at the closing table. Expect that. And surround yourself with professionals who will be empathetic and helpful.

Many would agree that selling a home is a stressful process, maybe even claiming a spot on the "top 10 most stressful life moments" list. Even if it sells fast, there is still the hassle of moving itself. What about hen it is not your home at all? What if it is the home of your parents, and perhaps your sole inheritance, with or without siblings?

When it comes to selling an inherited home, there are some complications to ride out and with which you must deal. For guidance, consider reading are recent MarketWatch article titled “How to sell an inherited home.”