Martinson & Beason, P.C.
When it comes to estate planning, timing matters. The recent passing of legendary actor Gene Hackman and his wife, Betsy Arakawa, has brought renewed attention to the complexities of wills, trusts, and the legal challenges that can arise when key estate planning documents are not updated regularly. Why is Contesting…
In a will contest, a contestant challenges a will as invalid, usually for mental incapacity, undue influence, fraud, or a technical failure. Although somewhat of a rare occurrence and a tedious process, a will contest may be the only recourse for a client who has been disinherited or disenfranchised. First, only an interested party who has a potential interest to gain can challenge a will. A will can be invalidated in part or in whole. If a will contest is successful, the probate or circuit judge has options such as invalidating the challenged will, reinstating a previous version, or distributing property under the laws of intestacy. Beyond the hurdles of a will contest, the testator (the person who signed the will) sometimes inserts a “no-contest” provision into their will or trust. Under such a provision, the testator instructs that anyone who contests the validity of their will is disinherited. While these clauses create additional difficulties for one contesting a will, it is not always an absolute bar to the challenge. It would be a good idea for the client to consult an attorney to weigh their options and get a better assessment of their rights before challenging or contesting a will. An interested party cannot challenge a will simply for being unfair. Instead, they must prove one of the following conditions or other good cause:
A recent article regarding important estate-planning tips for attorneys to consider mentioned the importance of a powerful estate-planning vehicle with a funny acronym. The article discussed how a QTIP trust could serve as an important piece of an overall Alabama estate plan.
First things first, let's be clear that we aren't talking about a little stick that's meant for your ear. QTIP stands for "qualified terminal interest property" trust. Qualified means it's property that is qualified for the marital deduction. Terminal means the surviving spouse gets the income interest during his or her lifetime, but that interest terminates at his or her death.
You really need to think it through before you add someone's name to your Alabama deed because it could cause a lot of unintended pain. Theoretically, adding your child's name to the deed to your home is a good move because it's a way to avoid the time and expense associated with probate. But doing so could create problems for you for a number of reasons.
Anyone who likes to go hiking, biking or camping likely knows what Gore-Tex is. The waterproof fabric turned the W.L. Gore Company into a billion dollar success, ranking #134 on Forbes' recent list of largest private companies. Like many successful business owners the founder, Bill Gore passed, and his wife Genevieve Gore, created a trust fund to help pass their stock in the company onto their children and grandchildren. They did a good job too, funding the trust through a holding company to minimize estate taxes. Bill passed away in 1986 and his wife later died in 2005, sadly setting the stage for a nasty battle between the Gore-Tex heirs.
Although estimates vary, it is generally believed that 4-6% of the elderly are subject to abuse. According to the National Incidence Study on Elder Abuse, approximately 450,000 elderly experience abuse each year in nationwide. The scale of the problem is massive and it comes as a relief that Alabama Governor Robert Bentley recently signed into law the Elder Abuse Prevention Act. The bill is designed to prevent and prosecute those that engage in elder abuse. Senator Tammy Irons of Florence, Alabama spent the better part of three years fighting to make the Act a reality. Senator Irons said, "I am grateful that Governor Bentley realized the importance of protecting our senior citizens and signed my bill into law this session. This is the first step in protecting our senior citizens from abuse in all of its disgusting forms--physical, emotional and financial."
