Why Updating Your Estate Plan is So Important

Most of us remember Sherman Hemsley as George Jefferson, the character he played in the popular television show “The Jeffersons.” When Hemsley passed away in 2012, his will named his longtime partner Flora Enchinton heir to his estate. However, when a man from Philadelphia named Richard Thornton claimed to be Hemsley’s half brother and challenged the will, funeral proceedings were delayed. It was four months before friends could properly say goodbye to Hemsley.

"Families, circumstances, and the law all change"

Hemsley’s will was signed only six weeks before his death, after Hemsley was already ill with lung cancer. It was this delay which gave Thornton grounds to challenge Hemsley’s soundness of mind at the time of the will’s signing. Ultimately, the will was found valid and Enchinton was able to proceed with Hemsley’s wishes, but not until Hemsley’s body had spent four months on ice.

Thomas Kinkade, famous for his paintings of cottages, bubbling streams, and rural churches, passed away the same year as Hemsley. In another similarity, Kinkade’s estate ended up in a lengthy court battle. Kinkade had been in the process of a divorce from his wife Nanette Kinkade when he died. He was also living with his girlfriend Amy Pinto at the time. Pinto laid claim to his home, where she was living, as well as $10 million and a part in his legacy. She produced two handwritten wills and refused to leave the property, even after a security guard was posted to ensure she did not steal any possessions.  Contrarily, his wife Nanette (with whom he had four children) submitted a 2000 will which bequeathed $12.48 million worth of assets to a living trust set up in 1997.

Ultimately the estate was settled, although details have remained private.

While you may think that something like this would never happen to you, it’s worth noting Hemsley’s estate was worth only $50,000 when his half brother challenged his will. I see families come in who haven’t updated their estate plans in years, or decades. Sometimes this causes serious confusion and problems when a loved one passes away, leaving unclear wishes. Families, circumstances, and the law all change. When we set up your estate plan it was the perfect estate plan for you at the time. But that plan may need to be updated.

The best way to avoid a lengthy estate battle is to come in regularly. I offer a free Three-Year Review for all my clients. It’s important to regularly check in with your lawyer, just as you would with a doctor. Moreover, state and federal laws regularly change, so checking in regularly assures your plan is up to date.

Other changes may make it relevant for you to come in earlier. For example, you should come in for a review if you are in the process of a marriage or divorce, have had the birth of a loved one you wish to include in your estate plan, have lost a loved one, have had a financial windfall, have bought or sold a house, or have purchased a business.

Coming in for a review ensures your will and estate plan avoid probate or messy estate battles. Waiting until you are sick or need something done imminently can lead to stress and disappointment, and sometimes, it may be too late.

When’s the last time you reviewed your estate plan? Call 630-574-0123- to schedule your free Three-Year- Review at the Law Offices of Daniel O Hands, P.C.