Strangest Wills of All Time

Estate planning is typically a serious matter, with most wills being viewed as solemn and straightforward documents. However, history has its share of those that are anything but ordinary. From quirky requests to strange stipulations, some individuals have used their wills to express creativity and leave behind an unconventional—yet memorable—legacy. These distinctive demands are not only amusing but also underscore the significance of thoughtful estate planning. This article will examine some of the oddest estate planning choices of all time.

The billionaire who left 12 million to her dog

  • Leona Helmsley, a billionaire hotelier famously known as the “Queen of Mean,” caused a media storm when she left $12 million to her beloved Maltese dog, Trouble, after her death in 2007. However, a judge later reduced the amount to $2 million, as it was considered excessive. The funds were intended to ensure Trouble’s care, including a full-time security team due to death threats made against the dog. Trouble lived out the rest of her life comfortably, though on a reduced budget

Random inheritance

  • In one of the more unusual inheritance stories, Luis Carlos de Noronha Cabral da Camara, a Portuguese aristocrat, left his estate to 70 random strangers chosen from a Lisbon phone book. With no close family or friends, he made this unconventional choice when drafting his will in 1988. When he passed away in 2007, the selected beneficiaries were notified, many of whom initially thought it was a joke.

Mustache condition

Englishman Henry Budd who died in 1862 became famous for odd stipulation in his will. He left a significant inheritance to his sons with one peculiar condition: neither of them was ever allowed to grow a mustache.

Using a will to get even with a spouse

Samuel Bratt saw his chance to settle a score with his wife after his passing in 1960. Since she never allowed him to smoke during his lifetime, his will had a requirement that she would inherit £330,000 ($509,025) on one condition: she had to smoke five cigars a day.

Long wait “spite clause

Industrialist Wellington Burt took inheritance delays to a whole new level. His will dictated that his heirs would have to wait 21 years after the death of his last surviving grandchild who was alive at the time of his death. This resulted in his heirs waiting 92 years before they could access his wealth.

A cat mansion

  • Dusty Springfield, an English singer who died in 1999, ensured that her beloved cat, Nicholas, would live in luxury after her death. Her will included detailed instructions, such as playing Nicholas’s favorite songs, feeding him imported baby food, and creating a specially furnished room for him, complete with a cat tree and a bed lined with Dusty’s nightgown.

Guinness World Record richest cat

  • In 1988, British antiques dealer Ben Rea left £7 million ($12.5 million) to his cat, Blackie, making him the world’s wealthiest cat—a record that still stands. Rea directed that his fortune be shared among three cat charities, with instructions to care for Blackie for the rest of his life.

Buried in a Pringles can

  • Fredric J. Baur, the inventor of the iconic Pringles can, passed away in 2008 and was cremated. Honoring his unique request, his family placed part of his ashes inside a Pringles can before burial.

Consult an Experienced Estate Planning Attorney

Whether you have traditional plans in mind, or whether you are looking to do something unique like some of the unusual choices discussed in this article, we are here to help! At David Knecht Law, we have extensive experience in estate planning and can help you create the plan that is just right for you and your loved ones. We focus on serving Vacaville and Fairfield clients. Contact us today at 707-451-4502.

  

Are Holographic Wills Valid in California?

A question that many aging adults have is whether a handwritten will is legally enforceable in California. This type of will is known as a holographic will, which is a written document written by hand (not typed on an electronic device device) without witnesses. This article delves into the legal analysis of holographic wills in California, providing an in-depth look at the relevant laws and a notable case, Newman v. Casey, which sheds light on this topic.

Legal Framework for Holographic Wills in California

In California, holographic wills are indeed recognized as valid under certain conditions, as outlined in California Probate Code § 6111. To be considered valid, a holographic will must meet the following criteria:

  • Handwritten and Signed by the Testator: The entire will or the material provisions must be in the handwriting of the testator. Additionally, the testator must sign the document.
  • Intent: The will must clearly indicate that the document is intended to serve as the testator’s will.
  • Date: While not strictly necessary, including the date is advisable. An undated holographic will can present complications if there is a question about its timing relative to other wills.

These requirements make holographic wills a viable option for individuals who prefer a simple and informal way of expressing their final wishes. However, due to the lack of formality, holographic wills can lead to disputes and legal challenges, particularly if the language is ambiguous. In California, while there is no strict limit on the situations in which a holographic will can be valid, it is essential that the document meets the fundamental requirements of handwriting, signature, and intent to be recognized by the court.

Newman v. Casey: A Landmark Case

Newman v. Casey, the landmark case involving holographic wills, was decided by the California Court of Appeal in 1995 and provides precedent regarding the validity of holographic wills. In this case, the court examined the holographic will of Jere P. Casey, which was contested by Patricia Newman and others.

Facts of the Case: Jere P. Casey wrote a holographic will that left his estate to his partner, Patricia Newman, and others. The will was handwritten, signed by Casey, and included material provisions that specified the distribution of his assets. However, the will lacked a date, leading to a dispute over its validity.

Court’s Decision: The court upheld the validity of Casey’s holographic will. It emphasized that while the absence of a date could complicate matters, it did not invalidate the will as long as the document clearly demonstrated the testator’s intent and was signed by the testator. The court found that Casey’s handwritten document met the essential requirements under California law.

Implications: The ruling in Newman v. Casey reaffirmed that the core elements of a holographic will—handwriting, signature, and clear intent—are paramount. It also highlighted that while the absence of a date may complicate matters, it does not necessarily render the will invalid unless there are competing wills or other disputes about timing.

Consult the Law Office of David Knecht

Even though a holographic will is a simple solution, there are typically limitations and weaknesses of a holographic will that make them less effective for estate planning than other more formal tools. Consulting with an experienced estate planning firm, such as the Law Office of David Knecht, can help address potential issues and ensure that your will meets all legal requirements. Seeking legal counsel is particularly important to minimize the risk of disputes and ensure clarity in the document. Contact us today at (707) 451-4502. Our experienced team is ready to assist you.

Warren Buffett’s Estate Plan: Key Takeaways for Effective Wealth Transfer

Warren Buffett, one of the most successful investors of all time, is not only known for his business acumen but also for his carefully planned estate strategy. Buffett has consistently emphasized philanthropy, efficient wealth transfer, and minimizing taxes, which serve as key pillars of his estate plan. While his fortune is massive, the principles behind his estate planning strategies can provide valuable lessons for anyone looking to efficiently transfer wealth to future generations while supporting charitable causes.

Here are the key takeaways from Warren Buffett’s estate plan and what individuals can learn to apply in their own estate planning strategies:

Buffett’s “Death Plan” to Dodge Taxation

  • Minimizing Taxes: One of the most notable elements of Buffett’s estate plan is his focus on reducing the tax burden on his estate. A Yahoo Finance article reveals that Buffett intends to donate over 99% of his wealth to charity, significantly minimizing the estate tax impact.
  • Charitable Giving as a Tax Strategy: By directing his wealth toward charitable causes, Buffett not only benefits society but also reduces the taxable portion of his estate. For individuals with smaller estates, strategies such as charitable remainder trusts (CRTs) and setting up family foundations can serve a similar purpose—supporting causes while reducing tax liabilities.

Generational Wealth and Family Control

  • Trusting the Right People: Buffett has ensured that his three children will manage portions of his estate through charitable foundations, as highlighted in a CNBC article. By empowering his children to oversee specific aspects of his wealth, Buffett ensures that his legacy aligns with his long-term goals.
  • Choosing Executors and Trustees: One of the critical lessons from Buffett’s approach is the importance of selecting trusted individuals to manage your estate. This ensures that wealth is handled responsibly, according to the testator’s wishes. Even for smaller estates, choosing a trustworthy executor or trustee is vital to ensure that your wealth is passed down efficiently and according to your plans.

Philanthropy and Legacy

  • Leaving a Legacy: In a thought-provoking article from The Blum Firm, Buffett’s estate philosophy reflects his belief that wealth should serve a greater purpose. His plan to give away most of his fortune, while still leaving his children with enough to manage charitable foundations, showcases his commitment to leaving a legacy of philanthropy and responsible wealth management.
  • Aligning Your Estate with Your Values: You don’t need to be a billionaire to leave a lasting legacy. Smaller estates can still have a significant impact through thoughtful philanthropy. Consider how a portion of your estate could support causes important to you—whether through a local charity, scholarship fund, or community project.

Practical Estate Planning Lessons from Buffett’s Approach

  • Charitable Giving for Tax Reduction: Incorporating charitable donations into your estate plan can help reduce the taxable portion of your estate while supporting causes you care about.
  • Select the Right Executors or Trustees: It’s crucial to choose trusted individuals to manage your estate after your passing. These individuals will ensure that your wealth is distributed according to your wishes and that your estate is handled efficiently.
  • Plan for Your Legacy: Consider how your wealth will impact your loved ones and your community. Like Buffett, your estate can reflect your values and goals, whether through donations to charity or establishing family foundations.
  • Provide Clear Instructions: Make sure your estate planning documents are detailed and leave no room for confusion. Specify how your assets should be distributed, who should oversee the estate, and how charitable donations or foundations should be managed.

Consult the Law Office of David Knecht

Whether you are interested in preserving your wealth for your heirs or making a lasting impact through philanthropy, our experienced team can help you create a plan that reflects your values and goals. At David Knecht Law, we are here to guide you through this process and help you create a legacy that aligns with your vision for the future. We understand that estate planning is a deeply personal process, and we are committed to helping our clients navigate the complexities of the estate planning process. Contact us today at (707) 451-4502. Our experienced team is ready to assist you.

Is A Living Trust the Right Tool for Your Inheritance?

When planning for the future, ensuring that your assets are distributed according to your wishes is a critical step. One popular tool for estate planning in California is the revocable living trust. But is it really the best way to pass on your inheritance? Let’s explore the benefits and considerations of using a living trust, integrating insights from recent discussions and guides with information sourced from The Motley Fool.

What is a Revocable Living Trust?

A revocable living trust is a legal entity created to hold ownership of your assets. Unlike a will, which only takes effect after you die, a living trust is operational during your lifetime and can be altered or revoked at any time.

Benefits of a Living Trust

  1. Avoiding Probate: One of the most significant benefits of a living trust is that it helps your estate avoid probate. Probate is the legal process through which a will is validated and the deceased’s assets are distributed. This process can be lengthy, costly, and public. By placing assets in a living trust, you can bypass probate, allowing for a quicker and more private distribution of assets to your beneficiaries.
  2. Flexibility and Control: A living trust provides flexibility and control over your assets. You can specify how and when your beneficiaries receive their inheritance, which can be particularly useful if you have minor children or beneficiaries who may not be able to manage large sums of money responsibly.
  3. Incapacity Planning: A living trust also offers protection if you become incapacitated. If you are unable to manage your affairs due to illness or injury, your designated successor trustee can step in and manage the trust on your behalf without the need for court intervention.
  4. Privacy: Wills become public record once they go through probate, exposing your financial affairs to public scrutiny. A living trust, on the other hand, remains private, protecting your family’s privacy and financial information.

Considerations and Drawbacks

While living trusts offer many benefits, they are not without their drawbacks and considerations:

  1. Cost and Complexity: Setting up a living trust can be more expensive and complex than creating a will. There are upfront costs for drafting the trust document and ongoing costs for managing the trust. Additionally, you must retitle your assets into the name of the trust. The complexity and cost are key considerations to weigh against the benefits.
  2. Ongoing Management: A living trust requires active management. You need to ensure that any new assets acquired are transferred into the trust.
  3. Not Always Necessary: For some people, particularly those with smaller estates, the benefits of a living trust may not justify the costs and complexity. In such cases, other estate planning tools, such as a will combined with payable-on-death accounts and beneficiary designations, might be sufficient. Financial Samurai suggests evaluating your specific situation to determine if a living trust is the best solution.

When is a Living Trust the Best Option?

A living trust may be the best option if you:

  • Own property in multiple states, as it can simplify the transfer process and avoid probate in each state.
  • Have a complex family situation, such as children from multiple marriages, where you need to clearly outline your wishes to avoid disputes.
  • Want to ensure privacy for your estate and avoid the public process of probate.
  • Have minor children or beneficiaries who may not be able to manage their inheritance responsibly.

Contact a California Estate Planning Attorney

A living trust can be a powerful tool for estate planning in California. To determine if a living trust is the best way to pass on your inheritance, it’s essential to consider your unique circumstances and consult with an experienced estate planning attorney. At the Law Office of David Knecht, we have extensive experience in creating tailored estate plans that meet your specific needs and goals. Contact us today at 707-451-4502 to discuss whether a living trust is right for you and how we can help secure your legacy.

Modern Estate Planning Adapting to Legal and Digital Changes

The recent litigation surrounding Lisa Marie Presley’s estate underscores the critical importance of maintaining an up-to-date estate plan. Presley’s outdated estate plan led to a legal battle, highlighting how changes in family dynamics and personal circumstances can necessitate regular reviews and updates to ensure your wishes are honored and your assets are protected. A significant aspect of this dispute involved the ownership of Graceland, now owned by Lisa’s daughter, Riley Keough. Graceland remains a valuable asset worth an estimated $400-$500 million, emphasizing the need for clear and current estate planning See https://www.hellomagazine.com/homes/499783/riley-keough-owns-graceland-how-much-worth-today/

Many individuals create an estate plan and assume it is a one-time task. However, numerous factors can render an estate plan obsolete. Changes in family dynamics, financial situations, and state or federal laws can all impact the effectiveness of your estate plan. See https://www.thinkadvisor.com/2024/02/14/why-so-many-estate-plans-are-out-of-date-jamie-hopkins/

What changes can necessitate an estate plan update?

  • Family Changes: Life events such as marriage, divorce, the birth of a child, or the death of a beneficiary require adjustments to your estate plan. Failing to update your plan can lead to unintended consequences, such as assets being distributed to the wrong individuals or loved ones being overlooked.
  • Financial Changes: Significant changes in your financial situation, such as acquiring new assets, selling property, or changes in the value of your investments, necessitate a review of your estate plan to ensure it accurately reflects your current financial status and intentions.
  • Legal Changes: The legal landscape for estate planning is continually evolving. According to Family Wealth Report, recent legislative changes can significantly impact estate planning strategies, especially concerning taxes and asset protection. Staying informed about these changes and consulting with an estate planning attorney is essential to maintaining an effective estate plan.

What are digital assets and how do they impact estate planning?

What are the steps to include digital assets in your estate plan?

  • Inventory Your Digital Assets: Create a comprehensive list of your digital assets, including login information, passwords, and security questions. This inventory should cover email accounts, social media profiles, online banking, cryptocurrency, and any other digital properties.
  • Appoint a Digital Executor: Designate someone trustworthy and tech-savvy to manage your digital assets. This person should have clear instructions on how to handle each asset, whether it involves transferring ownership, closing accounts, or archiving data.
  • Document Your Wishes: Clearly outline your preferences for managing your digital assets. This can include instructions for social media profiles, online subscriptions, and digital financial accounts. Make sure these instructions are legally documented and accessible to your digital executor.

Contact a California Estate Planning Attorney

Keeping your estate plan current requires regular reviews and updates. Partnering with an experienced estate planning attorney can help ensure that your plan adapts to changes in your life and the law. At the Law Office of David Knecht, we offer personal advice, legal experience and ongoing support. Contact us at 707-451-4502.

Estate Planning for Long Term Care

Did you know that Medicare does not cover nursing home care after one hundred days? This article will provide some basic information about why you need to plan for possible nursing home care and some strategies for doing so, with information published by the California Advocates for Nursing Home Reform, which can be found here: https://canhr.org/overview-of-medi-cal-for-long-term-care/

Medi-Cal is a source for long-term care.

  • A common misconception is that Medicare covers long-term care. In California, Medi-Cal is a need-based program designed to help people pay for medical care such a skilled nursing facility or nursing home.

Medi-Cal eligibility requirements have changed as of January 1, 2024.

  • One piece of good news for many California residents, is that Medi-Cal will no longer count assets to determine eligibility. California is the first state to make this change to Medicaid eligibility.

Medi-Cal is income only now.

  • Now eligibility is determined by income, which at present is $1732 per month max. See
  • If a Medi-Cal beneficiary’s available countable income exceeds their maintenance needs level, then an otherwise eligible Medi-Cal beneficiary has a share of the cost.

How does a trust benefit a person who may need Medi-Cal coverage?

  • An article published by the Lake County News provided a good summary and examples of how a trust may impact a person seeking Medi-Cal eligibility, and a few highlights are quoted below. For the full article, see https://lakeconews.com/news/78818-estate-planning-trusts-and-no-asset-limit-medi-cal
    • A trust, whether revocable or irrevocable, minimizes a person’s available countable income and share of cost. Income received by a trust (with income producing assets) does not count as income to the trust beneficiary for determining Medi-Cal share of cost.
    • Direct distributions by the trust to the beneficiary count as available income.
    • But, if the trust were instead to pay a portion of a person’s support and maintenance needs, called, “in kind support and maintenance,” but not 100% of any support/maintenance cost (e.g., rent), then such payments do not count for Medi-Cal share of cost.
    • If the trust were directly to pay for other expenses and purchases other than certain necessities of life (buying clothes) then such other trust purchases do not count as income for share of cost.

Contact an Experienced Estate Planning Attorney

Planning for and navigating the complexities of Medi-Cal can be a daunting process for some California residents, but planning for long term care can be a crucial step in safeguarding your future. At the Law Office of David Knecht, we have extensive experience in all aspects of estate planning and can help you prepare an estate plan that is right for you and your loved ones. Estate planning is like setting the coordinates for a journey, and it will help create a more confident and smoother ride through the later part of your life. Contact us today at 707-451-4502.

The Danger of Declining Estate Planning Rates

Do you have an estate plan? If not, you are not alone, and you may be responding to the latest trends affecting Americans and their estate planning practices. Statistics show that Americans are responding to financial trends including income inequality and rising inflation, and these factors are having an impact on estate planning nationwide.

This article will discuss the statistics and trends and potential impact these may have, with information derived from Caring.com’s 2024 Wills and Estate Planning Survey and an article about the danger of declining estate planning rates originally published by Forbes. See https://www.caring.com/caregivers/estate-planning/wills-survey/ and https://www.forbes.com/sites/matthewerskine/2024/03/20/the-danger-of-declining-estate-planning-rates/?sh=2db3b6924e33

What are the main estate planning trends?

  • As reported in a survey by Caring.com, for the first time since 2020, the number of Americans with a will has declined.
  • Only 32% of Americans have an estate plan in 2024.
  • security for loved ones.
  • For business owners, estate planning ensures business continuity.
  • For art lovers, a plan can preserve the value of art collections.
  • Estate planning can minimize taxes, preserve your legacy and facility philanthropic goals
  • Estate planning can involve more than financial assets.
    • It can control healthcare decisions
    • Designate what happens with your digital and social media assets
    • Provide guidance on how children are looked after in the event of an emergency

What can you do to address these estate planning concerns?

  • The obvious first step is to get your own affairs in order. At the Law Office of David Knecht, we have extensive experience in all aspects of estate planning, and we can help make this process easy. To get started or to freshen up a preexisting plan, contact us today at 707-451-4502.
  • Talk to friends and family. If you estate plan is prepared, talk to your loved ones about how they can get steps to be prepared for the future.
  • Get involved in your community and talk about estate planning with new friends and associates. You can look for opportunities to serve in local communities, on sites such as https://www.cityofvacaville.gov/i-want-to/volunteer

Estate Planning Does Not Have to Be Intimidating

Estate planning can be complicated and it does involve facing the inevitable occurrence of your passing on, but it does not have to be intimidating. All it takes to get started is one call to your estate planning attorney, and we will help you do the rest.

  • This is a 6% decline from last year.
  • 40% of people without a will attribute that to not having enough assets to leave to anyone.
  • The study found 16% notable decline among lower-income Americans.

What are other surprising niche trends?

  • Around 85% of successful business owners have outdated estate plans.
    • This can potentially lead to unintended consequences due to changes in tax law and personal circumstances.
  • Only about 10% of ultra-high net worth individuals with significant art collections have planned for their transfer.
    • This can potentially risk disputes among heirs or mismanagement of the collection.

Why is estate planning important?

  • Estate planning is crucial for distributing assets as to one’s wishes and providing financial security for loved ones.
  • For business owners, estate planning ensures business continuity.
  • For art lovers, a plan can preserve the value of art collections.
  • Estate planning can minimize taxes, preserve your legacy and facility philanthropic goals
  • Estate planning can involve more than financial assets.
    • It can control healthcare decisions
    • Designate what happens with your digital and social media assets
    • Provide guidance on how children are looked after in the event of an emergency

What can you do to address these estate planning concerns?

  • The obvious first step is to get your own affairs in order. At the Law Office of David Knecht, we have extensive experience in all aspects of estate planning, and we can help make this process easy. To get started or to freshen up a preexisting plan, contact us today at 707-451-4502.
  • Talk to friends and family. If you estate plan is prepared, talk to your loved ones about how they can get steps to be prepared for the future.
  • Get involved in your community and talk about estate planning with new friends and associates. You can look for opportunities to serve in local communities, on sites such as https://www.cityofvacaville.gov/i-want-to/volunteer

Estate Planning Does Not Have to Be Intimidating

Estate planning takes some time, and it does involve facing the inevitable occurrence of your passing on, but it does not have to be intimidating. All you need to get started is one call to your estate planning attorney, and we will help you do the rest.

What is an Executor for Estate Planning in California

With the recent passing of O.J. Simpson, the executor of his estate has been in the news. This article will explain some basics about what an executor is and what duties they perform, with examples from the O.J. Simpson estate. (Note: O.J.’s will was filed in Nevada, but for the basic principles relating to executors, this article does not differentiate between California and Nevada law.)

What is the definition of an executor?

  • An executor is a person named in a Will and appointed by the court to carry out the dead person’s wishes. The executor is also called the personal representative of the estate.

Who is the executor in the O.J. Simpson case?

  • J. Simpson’s final will was filed in Nevada, following his death after a battle with cancer.
  • Simpson’s longtime Las Vegas attorney Malcolm LaVergne was named as Simpson’s personal representative and executor of the will and testament, according to court records.
  • His property was placed in The Orenthal Simpson Revocable Living Trust.

One of the general duties of an executor is to handle creditor claims.

What debts are at issue with the O.J. Simpson case and how are they being managed?

  • LaVergne, the executor in the Simpson case, addressed the $33.5 million civil judgment awarded to the families of Simpson’s ex-wife, Nicole Brown Simpson and her friend Ronald Goldman by a California jury in 1997. He was sued by their families for wrongful death and found liable by a civil jury, which puts them in the position of creditors to Simpson’s estate.
  • LaVergne said that the families would be put in the “pecking order” of creditors behind the IRS.
  • In a phone interview, he said he would fight any payout from the estate to the Golman family.
  • As per the CNN article, he told reporters: “It’s my hope that the Goldmans get zero, nothing,” LaVergne told the outlet. “Them specifically. And I will do everything in my capacity as the executor or personal representative to try and ensure that they get nothing,” he said.
  • In a follow up interview he backtracked, saying that perhaps he had been too harsh against the Goldmans: “Now that I understand my role as the executor and the personal representative, it’s time to tone down the rhetoric and really get down to what my role is as a personal representative.”
    • See https://www.yahoo.com/news/o-j-simpson-cremated-estate-192531874.html

What other executor-related issues that have arisen in the O.J. Simpson case?

  • According to an NBC News article, republished at yahoo.com, O.J.’s executor has made statements about a few other estate matters.
  • LaVergne has been contacted by scientists requesting access to O.J.’s brain to study CTE, which is chronic traumatic encephalopathy, a degenerative brain disease that has been studied in former football players.
  • LaVergne is refusing these requests and O.J. will be cremated.
  • Simpson’s will asked for money to be retained to create a suitable monument at his gravesite, so this will be a responsibility for his executor.
  • His will also indicated that his wishes were that there should be no litigation or dispute, and any beneficiary or heir who did not follow that dictate would receive only $1.00 in lieu of any other interest to which they were due.

Contact an Experienced Estate Planning Attorney

At the Law Office of David Knecht, we have extensive experience in all aspects of family law and can help you complete your own estate plan or assist you with properly administering the estate of a loved one who has passed. Contact us today at 707-451-4502.

Estate Planning Lessons to be Learned from the Matthew Perry Trust

Matthew Perry, the beloved Friends actor who played Chandler Bing, passed away more than four months ago, and now details about his estate are emerging. This article will highlight some of the interesting aspects of the late actor’s estate, and suggest helpful takeaways that can be learned from this high profile trust example. See for more details: https://people.com/matthew-perry-will-names-executors-estate-1-million-trust-named-after-woody-allen-character-8607717

You can personalize your trust.

  • One lesson that can be learned from the Perry Trust is that you can personalize your trust to send a message to loved ones.
  • People reports that his wishes were that his trust be called the “Alvy Singer Living Trust.”
  • He named his trust after Allen’s alter ego in “Annie Hall,” which had special meaning for Perry because he once recalled that watching “Annie Hall was one of his favorite memories with his mother.

 A trust can be used to protect the privacy of the value of the estate.

  • One of the advantages of a trust is the privacy that it affords the deceased and the family of the deceased.
  • Documents valued Perry’s personal property at about $1 million dollars, but that figure excludes the assess that were already in the trust.
  • This means that his true wealth was kept private from the public, which can be important for anyone who wants to protect their privacy.

 Estate planning can include “obvious” provisions just to be sure.

  • Perry’s estate plan has an example of including a provision that is somewhat obvious just to be sure.
  • He did not have any biological children.
  • However, his will reportedly included a provision that any biological children would not be entitled to anything. We can only speculate why he included that in there, but one might guess it would be to shut down the incentive for any false claims from someone claiming to be a child.

Even though a trust is typically more convenient to administer than a will, it may still require some processing.

  • A trust is often used because it avoids probate proceedings, so it can be faster and less hassle than a will. However, as the Perry case shows, there may be some time and administration involved.
  • Perry died on October 28, 2023 in his Los Angelous home, and detailsa re just emerging in March of 2024.
  • Perry’s executors are reportedly Lisa Ferguson and Robin Ruzan, and they have had to roll over $1 million dollars of personal property into the living trust. 

Contact an Experienced Estate Planning Attorney

For Matthew Perry friends and fans, his early death was a great loss, but from all appearances he successfully planned a smooth transition of his assets to loved ones so that his wishes could be carried out now that he is gone. At the Law Office of David Knecht, we want to help you prepare for the unexpected. We have extensive experience in estate planning and can help you create a plan that is right for you and your loved ones.  Contact us today at 707-451-4502.

Decanting a Trust in California

If you are interested in a trust as an estate planning tool, you may have heard the word “decanting” and wondered what it means and why you might need it as a strategy

What does decanting mean?

  • The word “decanting” traces its roots to winery, where a person would decant a wine by pouring it from it’s bottle into another container.
  • Similarly, a 2019 California law allows you to change the terms of an irrevocable trust by “pouring” trust assets from an old trust instrument into a new trust.  
  • This helps you to leave behind the unwanted terms of the old trust, just as you would leave behind the impurities in the wine. 

What law changed the rules for trust decanting? 

  • The California Uniform Trust Decanting Act became effective January 1, 2019. 
  • Before this change, modifying an irrevocable trust was difficult, but now decanting provides an easier way to modify an irrevocable trust. 

How is decanting accomplished?

  • In general, you must still notify trust beneficiaries of the proposed changes and allow them the opportunity to object to the changes. 
  • You must also stay within the limits of which the trust terms can be changed, which depend on the Trustee’s authority in the original trust. 
  • For example, you might want to eliminate beneficiaries, but you wouldn’t be allowed to use this rule to increase Trustee compensation. 

Contact an Experienced Estate Planning Attorney

There are pros and cons to decanting, and it needs to be accomplished properly. At the Law Office of David Knecht, we make it our business to stay current on regulatory changes that impact estate planning. We will customize a plan to help you find creative solutions to meet your estate planning goals, and we will work with you to keep your plan up-to-date and responsive to regulatory changes. Contact us today at 707-451-4502.