The horror stories are real. Attorneys say it happens all the time.
We don’t like thinking about or planning for what happens when we die.
But there are consequences for putting it off or not dealing with it at all. It could mean years of bitter conflict in your family that could have been avoided.
It could mean your money and assets going to the wrong people, and you can’t stop it.
So keep reading and don’t leave behind years of chaos and confusion.
Help is here
Maybe you’re among the 30% of Americans who believe they don’t have enough money to need estate planning. But that’s a dangerous belief to hold, experts say.
Even generic online templates for estate planning can leave you with an invalid will. For example, did you get proper witnesses?
Not having a will can leave your loved ones – who are most likely not experts in estate planning – unable to confidently manage your finances or medical care.
If you don’t have a will or trust when you die in Oklahoma, the state decides what to do with your assets. And in such a situation, you wouldn’t be there to stop the state from a decision you didn’ like.
The Oklahoma Bar Association gives more reasons to take estate-planning seriously.
For example, could your pets end up in a shelter? Do you want to arrange for their wellbeing?
Or maybe you haven’t given much thought to your social-media accounts. Are you concerned about what happens to it?
Maybe you care about what happens to your bodily remains, but you haven’t taken steps to address it. Says the bar association:
“One of the first decisions the family must make is determining the manner of the disposition of the decedent’s remains. … When emotions run high and family members do not see eye to eye, this decision may become volatile.”
Joe Knows
Joe Norwood and Norwood.Law have the experience and knowledge you need, no matter how tough your legal matter might be.
You could be wanting legal protection for your small business. You could be battling to protect your civil rights. You could be fighting for child custody.
Norwood.Law practices family, estate, personal injury, civil rights, criminal, business law and more. Let Joe Norwood help you return to the life you had or gain the one you want.
Call for a consultation at 918-582-6464.
Celebrities
The late broadcaster Larry King is a prominent example of what happens when you don’t plan your estate and don’t ensure it reflects your wishes. From Insurance News Net:
“Usually the problem with celebrity estate-planning is a complicated personal life. Larry King was a classic case of that. When he died at 87 in January (2021), he had been married seven times and was in the middle of a divorce. … Although King had done estate-planning, he apparently handwrote a secret will that would have split his estate among his five children and did not mention his wife.”
Here are some other examples:
Zappos CEO Tony Hsieh
Perhaps one of the biggest estate-planning fails in recent memory. Hsieh had impressed the technology world for years by serving as CEO of the online shoe giant Zappos.
But gradually, Hseigh’s life began to tailspin as mental-health issues worsened and his behavior changed.
After accidentally dying from smoke inhalation, Hseigh left behind hundreds of millions of dollars and no direction on what to do with it. His father and brother were left to untangle the mess.
Forbes.com estimated the estate to be worth about $840 million. “But who knows?” added Insurance News Net. “The probate court is still getting a handle on it several months after Hsieh died.”
Guitar legend Jimi Hendrix
Hendrix was just 27 when he died without a will. He was very close to his brother. But because Hendrix had no will, everything under state law was left to his father.
Singer and politician Sonny Bono
Had a child out of wedlock and successfully hid it until he couldn’t anymore. The offspring emerged after Bono’s death to claim part of the estate.
Soul singer Etta James
She hadn’t established a power of attorney at the time of her death. Her son and spouse later fought over the estate.
Music icon Aretha Franklin
Attempted to plan her estate on her own. Two different handwritten wills were found at Franklin’s home when she died. Her four sons fought over which one was valid.
One was found in the couch, and another was found in a locked cabinet.
Actor Heath Ledger
Previously had a will that left everything to his sister and parents. He later had a daughter but failed to update the will. Family quarreling ensued.
Two dogs, two houses
Here’s an example from someone who is NOT a celebrity.
According to the business news site Kiplinger.com, a man owned two houses next door to each other. One house was for him and his wife. The second was for his cats.
When the couple passed away, his will arranged for a pet caretaker to live in one house and the cats in the other. But that meant both houses were left to the caretaker and the cats.
In the news
Joe Norwood’s successes in both civil and criminal law have been publicized by news organizations nationwide.
So keep reading.
If the government accuses you of a crime or a corporation injures you, call Joe Norwood for a consultation at 918-582-6464.
Clarity
Let’s look at a simple definition of “estate planning.” A fact sheet from Oklahoma State University defines it this way:
“In broad terms, ‘estate planning’ involves the acquisition, investment, protection and disposition of assets. Oklahoma families are faced with many problems in transferring property to the next generation. Increasing numbers of farm families are becoming aware of these problems.”
Maybe you still don’t see the possibility of disaster.
But did you know you could be judged incompetent for waiting too long to make a will?
Did you know it may be necessary to sell your estate to cover taxes and costs?
Did you know a different method of distributing the estate could lower your taxes?
Worries
Kiplinger.com points to other worries.
If you were married a second time, for example, that could disrupt your estate planning in ways you didn’t anticipate. There’s also estate caretakers. They can sometimes turn out to be criminals.
One early step in estate planning to prevent disasters should be clarifying your objectives. Here are some objectives often set by others:
- To treat all children equitably, not necessarily equally.
- To reduce state and federal estate and gift taxes.
- To reduce lawyers’ fees and costs.
- To minimize disruption while the estate is being settled.
- To provide for the special needs of some heirs.
Know now
Don’t be intimated by the arcane terms often used by people in the world of estate planning. Here are a few from Oklahoma State University that could help you feel more confident:
> Bequeath Giving personal property to someone through a will.
> Decedent A deceased or dead person.
> Deed Legal instrument for moving title in real property from one person to another.
> Descendant Offspring of another person.
> Intestate A person who died and never made a will.
Three more terms to know:
What does probate mean? Probate is a court-supervised legal process for handling a deceased person’s affairs, paying taxes and debts, distributing assets, validating the will, and more.
What does a will mean? It’s a legal document that forms the foundation of how your money, property, and assets are distributed after your death. It also ensures that what you want after your death is what happens.
What does a trust mean? It helps you avoid certain expenses. It allows someone who’s not you to oversee assets from your estate. It stores assets for use at another time.
Joe wins
Joe Norwood’s record says it all.
He’s won against banking interests and insurance companies. He’s won against foreign manufacturers. He’s won against the government over wrongful convictions.
Joseph M. Norwood is a Tulsa attorney with the courtroom expertise you need. Contact his office at 918-582-6464.
By G.W. Schulz