Even people with fame, money and access to top legal help can leave their families in chaos if they don’t put clear estate plans in place.John Levy of John Levy
Even people with fame, money, and access to top legal help can leave their families in chaos if they don’t put clear estate plans in place.a longtime guest on “We Are Austin,” warned that a well-known celebrity died with a considerable estate but left behind paperwork that created years of turmoil for his children.
Despite having access to “the best attorneys,” the celebrity did not have well-prepared documents in place to pass on his wealth without complications. At the time of his death, the celebrity did have a will; in fact, he had two wills. Both were written by the celebrity himself, and neither was dated. That kind of situation can quickly spiral, Levy said. The documents were not easy to find and required a “thorough and lengthy search,” which led to litigation among the celebrity’s children that lasted many years. Even after the wills were located, the language was not clear about the celebrity’s intent, forcing court action to determine which beneficiary would inherit which assets. To avoid that kind of family conflict, Levy said people should have a will or a trust prepared by an attorney so intentions are clear — a step that should prevent at least some family discord. Levy also urged people to think carefully about how they store estate planning documents. He recommended making copies of a will and/or trust and storing them in different places so there is a backup if one copy can’t be found. He cautioned against placing those documents in a bank safe deposit box unless someone younger is named as an additional signer. If the only signers are gone, he said, it would take a court order to open the box, and bank officers would inventory the contents. Nothing can be removed without a court order. Levy said many clients choose a trust over a will once they understand the differences, especially when it comes to privacy. A trust is private, he said, while a will becomes public through the probate file, allowing anyone to see what someone had and who gets it. Probate can also be a long and expensive process. Levy said there can be a six-month to one-year delay in court before inheritances are distributed, and in most cases, people can’t go into probate court without a lawyer. A prolonged probate can be very expensive, he said, while a trust is a one-time fee and “is not expensive.”“You can give me a call for a free one-hour consultation,” Levy said. “If you are interested in moving forward, I will prepare the documents and send via Federal Express for you to sign.”The Austin Police Department has released body camera footage of a shooting involving an officer that happened early Wednesday morning near Zilker Park. The incBULVERDE, Texas - Hill College Prep High School has been put on lockdown.Principal Julie Wiley said in the alert that local law enforcement is on campus. The building is also secure and the threat is contained.Check baA lockdown at John B. Connally High School was lifted Monday evening after police investigated reports of a person with a gun near campus.Pflugerville ISD officAustin-Bergstrom International Airport projected more than 30,000 departing passengers Monday as racing fans from the MotoGP event make their way home. TSA lineA man accused of firing an AR-15-style rifle at vehicles in a Bastrop Home Depot parking lot last week allegedly shot at a car carrying two children, according
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