We have previously told you a couple of very basic, but important, estate planning tips. We have told you that when you make a new Will, you need to be sure that you destroy any old Wills. We have also told you that you need to make sure that your heirs can easily find your Will. A case in New York highlights why you need to listen to these tips.
Elmer H. Bobst was multi-millionaire who passed away over 30 years ago. At the time, his estate was Probated and distributed according to Letters Testamentary that he left behind. However, in recent years, it has been discovered that after writing the Letters, Bobst made out a Will. This Will distributes the estate much differently than it was originally distributed. This has caused the Court to reopen the estate and order that a trial be held to determine which document to use. This trial will no doubt be expensive and time-consuming.
Do not make the same mistakes as Bobst. Destroy any old Wills and make sure that the correct Will can be found. Do not leave your estate subject to being reopened years after you pass away.
The Mendel Law Firm, L.P. is a member of the American Academy of Estate Planning Attorneys.