Changing Your Estate Plan: Don’t Cut Up Your Money For The Last Laugh

Thinking about changing your estate plan? Have you ever thought about disinheriting your children? It’s one thing to think about it, but to actually attempt it is another thing entirely. An Australian granny presumably attempted to disinherit her children, but with no avail. Before passing away, the 85-year old cut up nearly a million euros ($1.1 million). Her family discovered the money on her bed. At first, the state prosecutor believed that they money would not able to be recovered by her heirs. Unfortunately for her, this attempt at disinheriting her heirs, by destroying her property did not work. If the fragments are present, and banks are able to validate the origins of the money as legitimate, the monetary value can be collected. The money was secured by the bank and all of it replaced. You may not be thinking about disinheriting your children but changing your estate plan without first talking to your attorney is risky business. In this case, the woman could have just as easily gifted her property to a charity or given it to someone else instead of cutting it up. If you are considering making any changes to your estate plan, contact the attorneys at SYK so you don’t make the same mistake the Australian granny did.

Our estate planning services include traditional wills and revocable living trusts. In appropriate situations our firm also provides more tax sensitive and sophisticated planning services, necessary in effectively transfer special assets, such as interests in businesses and real property. Our firm has a long tradition of assisting clients in optimizing gifts to charities, whether it be through the use of direct gifts, charitable trusts or other planning opportunities.

Contact Samuels Yoelin Kantor LLP to learn more about your options when you consider making revisions to your estate.