A SIMPLE GUIDE FOR PEACE OF MIND How to Ensure Your Will Reflects Your Current Wishes
Whether getting divorced or welcoming a new child, you may need to change or revoke your will to reflect any life changes. Why? Because significant changes can affect how your assets are handled. Common reasons for adjusting a will include marriage, divorce, new family members, financial changes, buying or selling property, or appointing a new guardian for a minor. So, how do you change a will? In the past, people added
Sometimes, you may need to revoke your will but are not ready to make a new one, but simply destroying the current will might not be enough. If other copies of the will exist, a probate court might still consider those copies valid.
Revoking a will is essentially canceling it. Once a will is properly revoked, it no longer exists legally. If you’re considering revoking your will, it’s essential to do so through legal means to ensure your intentions are clear. Only the person who created the will, known as the testator, can revoke it. Once the testator dies, the will becomes legally binding and cannot be changed or revoked. Whether you need to account for new family dynamics, financial shifts, or relocations, ensuring your will accurately reflects your wishes is crucial to avoid future confusion and legal complications. If you are unsure how to proceed or have concerns, consulting with an experienced estate planning attorney can provide peace of mind and help safeguard your legacy.
a codicil, an amendment to the original document. However, codicils can create confusion and legal disputes. They require signatures and witnesses, just like a will, which can make them more of a hassle than they’re worth. A simpler approach is to create a new will entirely. This new document should clearly state that it revokes all previous versions, including any codicils, ensuring your latest wishes are honored without question. Creating a new will is generally no more complex or costly than adding a codicil and provides a clearer legal foundation.
The Gangster, the Starlet, and the Baseball Great
3 SHOCKING CELEBRITY TAX FAILS
gone awry, but here are three other tales of famous people whose fiscal fails landed them in hot water. A Bootlegger’s Rock-Bottom Moment Anyone who’s seen the classic film “The Untouchables” knows about the notorious Prohibition-era criminal Al Capone. Running the Chicago underworld with an iron fist (which, according to the movie, sometimes held a baseball bat to maintain his crew’s loyalty), Capone displayed a ruthlessness that struck fear in the hearts of his adversaries. Surprisingly, it was cooking the books — not killing people — that eventually landed him in prison. In 1931, he received a 13-year sentence for tax evasion. A Mean Girl’s Monetary Mess As one of America’s most beloved child stars, Lindsay Lohan filled movie theaters and won hearts through her roles in such films as “Mean Girls,” “The Parent Trap,” and “Herbie: Fully Loaded.” However, as an
adult actor, her personal struggles have attracted more attention than her big- screen adventures. In 2012, she was hit with a tax lien on her 2010 income after it was revealed that she had also failed to file for 2019. Her total tax debt totaled nearly $250,000 — a hefty bill when considering that she was paid only $100 a day to star in the 2013 film “The Canyons.” A Rose Goes Rotten Baseball legend Pete Rose, who recently passed away at 83, leaves a complicated and controversial legacy. In addition to receiving a lifetime ban from the game for betting, his history of tax evasion left him in debt to the IRS for more than $300,000. Serving a five-month prison term in 1990 did little to change his government-cheating ways, as he was hit with a lien 14 years later to address nearly $1 million in back taxes from 1997 to 2002. Rose may have been a great athlete in his day, but he certainly wasn’t a skilled accountant.
No one is immune to tax laws. History is full of high-powered people who faced massive debts — and sometimes served time behind bars — after ignoring their obligations to Uncle Sam. Willie Nelson (a $32 million tax bill in 1990) and Wesley Snipes (a 28-month prison term for five years’ worth of unpaid money to the IRS) are perhaps the most infamous examples of celebrity finances
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