A 75-year
old retired professional comes to do a Will.
Wills are usually the least expensive thing I do. The client tells me what they want and I put
it together. That was not the case with
this woman. She wants to talk about
Wills, in general. She has been doing
internet research. Am I familiar with
Suze Orman? Yes, I am. Do I agree with Suze Orman? Not always.
What do I think of Trusts? It
depends on what your assets are and what you want to do with them. It depends on your life situation. For example, if you are a single woman and
have one child to whom you want to leave everything, my advice is different
than if you are leaving everything to nieces and nephews. If you are in a terminal condition, right
now, my advice is different. The client
bought along a set of Suze Orman CDs. Do
I want to listen to them? Not unless she
wants to pay me by the hour to listen and tells me exactly what she wants
me to listen to, so I can take notes and tell her what I think the next time we
talk. She doesn’t want to do that. I don’t blame her.
She shows
me a form will she pulled off the internet.
She asks if it is not the best will I have ever seen. No, it’s not.
The first thing I see wrong with it, without reading it, is it is not
self-proving which means a witness has to go to the courthouse to swear to it
to get it admitted to probate. “Listen,”
I warn her, “If you do a Will wrong you don’t realize you did it wrong until
you are dead, and then it’s too late to fix.”
We get down
to business. She wants to leave
something to her friend, Josephine, and something to her sister, Christina,
with the rest to a charity. Okay, if
Josephine dies before she does, where does she want her share to go? She never thought of that. Definitely not to Josephine’s children. She doesn’t like them. She’ll have to get back to me. Okay, same question for Christina, if
Christina dies before you do, who gets her share? She doesn’t know. Once again, not to Christina’s children. They are no good. I ask how old Josephine and Christina
are. They are both her age. I ask how much all her assets are worth,
about a million dollars. Okay, just
think about this for a minute, what percentage are you leaving each
beneficiary. She doesn’t know. Okay, if you leave a third, a third and a
third, and everyone is 75 years old, how likely is it that Josephine and
Christina are going to spend all this money before they die? What?
Seventy-five-year-olds are not usually big on spending hundreds of
thousands of dollars. Where does she
think the money goes when they die? She
didn’t think of that.
She could
leave a larger share to the charity or dole out annual payments to the
individual beneficiaries leaving the remainder to the charity. I am told that is too much money to give the
charity.
Who does
she want to be her personal representative?
What? Her executor, who does she want
it to be? Oh, my friend, Ermessenda who
lives in Ecuador. Ermessenda cannot be
your personal representative because she is not related to you and she lives in
a foreign country. She does not quality
to be personal representative in Florida.
Client doesn’t like that.
Ermessenda is so smart. I’m sure
she is. Plus, I explain to her, naming a
person who is not a beneficiary is not a good idea. They are not receiving any of the money and it’s
a hard job. That’s why she wants
Ermessenda, because she is so smart. She
would be better at liquidating assets. I
understand, but she can’t do that from Ecuador.
I recommend you name Josephine or Christina or Josephine AND Christina
together. She says Josephine and
Christina are both very kind, but not very smart. How can she be certain it will be done
correctly and everyone will get their money?
How can she be sure one of them will not steal the money?
I tell her
she can count on that because of the probate judges. She does not trust judges. I tell her that she can trust the probate
judges in Broward County to make sure the correct beneficiary gets her
money. The Broward County probate judges
work hard to make sure everything is done correctly. She does not believe that from what she has
read on the internet. I tell her then
she has been misinformed, because our judges are serious as a heart
attack. If someone steals money they can
put them in jail. She asks why they
would care so much the money goes to the right people. That’s a good question. It could be because they take their jobs
seriously and care about what they do.
If you are a looking for a nefarious reason I’d say it’s because they do
not want to pick up a newspaper and read they let someone steal a million
dollars out from under their noses. They
do not let it happen. She tells me what
I am telling her is not what she read on the internet. I haven’t seen her since.