Our nation’s 250th anniversary is just a few days away. We all know about the battles, speeches, and famous documents like the Declaration of Independence; we learned all that in school. But, not surprisingly to you, I’m sure, as an estate planning attorney, I conducted a little research into how the legal tradition regarding the transference of assets and building your own family legacy evolved over those 250 years. A few interesting things stood out: In early America, property ownership was viewed as the ultimate backbone of personal liberty. The ability to control hard-earned assets wasn’t just a matter of desire; it was an exercise of freedom from the king’s control.
The Revolutionary Roots of Legacy Planning
The very first recorded revocable living trust in the Americas was drafted right at the onset of the Revolutionary era in 1765. It was established for Francis Fauquier, the Lieutenant Governor of Virginia, who wanted to ensure his family could bypass a complex court system to inherit his assets smoothly. The forward-thinking attorney who drafted that document was none other than a young Virginia country lawyer named Patrick Henry, who would later famously declare, “Give me liberty, or give me death!”
George Washington’s Final Act of Citizenship
Perhaps the most symbolic estate plan in American history belongs to George Washington. Written by his own hand just months before his death in 1799, Washington’s 29-page final will and testament was deliberate and explicit. The will began … “I George Washington of Mount Vernon—a citizen of the United States, and lately President of the same…” It is clear that, at a time when monarchs still ruled much of the world, Washington chose to proclaim his status as a free, self-governing citizen while navigating the complex legalities of the time. He made lasting provisions for his family and authorized the emancipation of the enslaved people tied to his estate.
Fast forward 250 years, and while estate planning is now accessible to all who want to protect their assets and loved ones, one thing hasn’t changed – if you do not have a will when you die (called dying intestate), the government steps in to handle your estate for you. On this, our 250th anniversary, we remember many who fought hard for the right each of us now has to control the distribution of our assets and to protect our loved ones. Why would anyone not take advantage of that? While I know you do have your estate plan in place, I would like to remind you that if it has been more than a few years since we have reviewed it, it is time to do so. (As a reminder, I offer all my clients a complimentary review of their plan every three years.) So I will end this newsletter by asking you to make sure your assets and loved ones are protected—it’s the patriotic thing to do!
Happy 4th!
David
Just a few more days
