May 22, 2004

Protect Against Will Challenges

I was surprised to learn in a recent WSJ article by Kaja Whitehouse(subscription required) that 20% of parents divide their estates unevenly according to Kathleen McCarry, an economics professor at the University of California, Los Angeles. About 1/4 of that 20% did so because they want to support a child who required greater financial assistance. Another quarter wanted to repay a child who helped support them in some way.

To prevent any will contests by disgruntled siblings, Whitehouse suggests

    • Videotaping of the testator spelling out your last wishes (I suggest explaining why too) • Consider a "no contest" clause rather than a disinheritance • Draft your will many times. (You want to create layers of wills, differing in slight respects, overriding the old will especially if the change from the old will is dramatic. • Use a revocable trust for your assets • Keep favored heirs out of the estate planning process • Discuss your plans with your heirs so they don't feel things have been concealed.
Posted by Jill Fallon at May 22, 2004 5:48 PM | Permalink