Where's My

 Legacy When I'm

 Gone ?

By Robert S. Meyring, Attorney at Law*

   One of the most popular questions I am asked as a trusts and estates attorney is, “What happens to my worldy possessions and the assets I own, when I die?” “Do my possessions become part of an estate sale?” Another question is, “Do I need to list everything I have, like an inventory?” “How can I give a valuable item to a selected family member?" “How can I disinherit my estranged child?"

     As I help couples or an individual with their estate plan, which includes a will or a trust as the central document in the plan, I ask questions of my clients that help me see how they view their possessions. Some people see what they have and say “Look young man, I am eighty years old and I have accumulated a lot of stuff, including houses at the lake and the ocean, coin collections, art and the like. None of that means anything to me now and I just want the children of my children to equally share from my estate. Let them decide how they will share it.” Others may say, “I do not have much and I have worked hard to get what I have. Here is a full and detailed  listing of my possessions and the intended relatives that I want to receive those things.”

   The good news is that anyone who is writing up their will, with the help of an experienced estates attorney, may choose almost any way in which they want to make gifts to their family members, friends, charities or churches. There are ways to include inventory lists in one’s will, then later change out the items or change the intended beneficiaries on the list without having to re-execute a will. One’s possessions do not need to become part of an estate sale with proper planning. There is not even a need to make a detailed list if the gifting decisions are to be left to the executor.

   There are pitfalls to avoid with certain possessions that “pass outside of probate” and regardless of what one’s will or trust documents say, the real estate, the insurance money or the investment accounts, for example, may pass to or pay out to the very people that were not intended to receive it. Trying to pass one’s real estate and keep the beach house in the family or to gift it to one particular relative is a lot more complicated than it sounds, especially if the land is outside the state of residence.

    The not so good news is that there are many reasons why the wishes of the will-signor (or testator) may never be carried out. This may happen when people self-prepare their will from a will preparation program and make elaborate plans for who receives from their estate (defined as the assets and liabilities left by a person at death). Also troublesome are the “simple wills” that address complex situations, sometimes prepared by attorneys that focus their practice mostly on non-estate planning matters.

    The reasons for plans that go awry may have to do with a disgruntled relative who believes they did not get, in their opinion, what they rightfully deserve. A complaint may be filed on the estate and on closer examination the will is found to be defective for any of a multitude of reasons. A defective will often means that it is a will that is not recognized by the state - meaning that the decedent (the person who died) will be ruled to be intestate and their estate will pass by intestacy.

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    Making a well thought and effective estate plan that gives your possessions to the intended people is often more complicated than some will have you believe. With proper planning and drafting you will always be able to give your asssets and possessions to the people you want while avoiding forseeable pitfalls, intestacy and maintain family harmony.

*Robert S. Meyring offers free 10 minute phone consultations at 678-217-4369. The law firm’s website www.willsquill.com has more articles, details, and planning forms. The Wills, Estate Planning office is located at the Vinings Jubilee at 2900 Paces Ferry Road, Atlanta, Georgia 30339; Email: meyring@willsquill.com. The Firm practices in estate planning, wills, trusts, probate of estates, litigation, Asset Protection, Incapacity Planning, and related general practice matters.