We often think the process of estate planning is mostly about finances. However, how we distribute our estates also says a lot about who we are as people and what we value.
Every will ever accepted into probate in England and Wales since 1858 is stored in a single depository. Previously, only researchers were allowed access to the contents of the depository.
Now, however, a new project to digitize the wills and put them online for all to see for a small fee allows anyone to read the wills of Britain’s rich and famous.
This has allowed for a new window into what those famous people valued.
Not long ago The Guardian reported on some of those famous wills in an article titled “Last Orders: What do our wills say about us?”
Some of the wills reported are:
· Princess Diana – She left a small, but not insignificant sum to her butler. She also decreed that her brother was to look after her personal effects until her son, Prince Harry, reached the age of 30.
· A.A. Milne – The rights to Winnie the Pooh were left to four different groups, including the author’s family and the Royal Literary Fund.
· George Orwell – Instructed that no biography of him should be written.
· Beatrix Potter – Declared that hunting by otter, hounds, and harriers would be prohibited on her Troutbeck property.
The interesting thing about wills in the United States is that they are a matter of public record.
Accordingly, anyone can access your will. But if you would like to keep the details of your estate plan private, then contact an experienced Cincinnati estate planning attorney about probate avoidance planning. One popular method is to create and “fund” a revocable living trust.
The following includes some basic definitions of common terms often related to estate planning, including a revocable trust. Once you understand the purpose of each instrument it can help you know if it is something you should consider.
Healthcare Power of Attorney: A legal document that allows an individual to designate another person to make medical decisions for him or her when he or she cannot make decisions for himself or herself.
Living Will: The purpose of this Living Will Declaration is to document your wish that life-sustaining treatment, including artificially or technologically supplied nutrition and hydration, be withheld or withdrawn if you are unable to make informed medical decisions and are in a terminal condition or a permanently unconscious state.
Your General Power of Attorney: (sometimes referred to as Financial Power of Attorney) – these are people you have chosen to manage your financial affairs if you are unable to do so.
Your Trust: Sometimes called revocable trust or living trust. The trust holds and distributes your hard-earned assets during your lifetime and upon your death – as you have designated. A trustee, generally yourself, manages and distributes the trust assets according to the terms you designate in the trust.
Please consider contacting me to talk about your estate planning needs especially if you’re not comfortable with the idea of anyone being able to access the information contained in your will. You might begin by checking out my services page https://davidlefton.com/services/ to learn more. You can even schedule an appointment through my website.
For more information about estate planning, probate, or trust administration in Cincinnati and throughout the rest of Southwest Ohio, and to review free resources regarding estate planning, probate, or trust administration, visit my website https://davidlefton.com/ If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526). David H. Lefton is an Estate Planning and Probate Attorney. He is a partner in the law firm of Barron, Peck, Bennie & Schlemmer.
Source: David H. Lefton