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Notes From The Field
August 2024
818-369-7900 | 435-216-4444 | FieldLawPC.com
Please, I Beg You — Call Our Office
My team recently got a call from a client asking about an estate plan we created for their family. Normally, it is a simple conversation that helps a family better understand the plan they have. One of the best parts about my team is that we make ourselves fully available to answer any questions you have about your plan.
After a few weeks, the family contacted the credit union to get their documents back only to learn that the entire binder containing their trust and all ancillary documents was shredded by the credit union for security purposes. Every single original document was destroyed and could not be recovered, which presents an enormous problem as original documents are required when carrying out the terms of a trust.
I know that when it comes to working with attorneys, many clients are afraid to call because they don’t want to receive a $150 bill for a 15-minute conversation, or they don’t know what to ask to address their concerns. In the first instance, I want to remind you that as clients, you paid a flat fee to work with our office for life. You can always call our office with any questions and trust you are not going to get a surprise bill for asking about your plan. We strongly encourage you to call us, especially when dealing with outside agencies. Second, my team is highly trained to help understand what you are most concerned about to provide clarity and peace of mind. When it comes to the family that has had their plan destroyed, my team is already hard at work to remedy this situation by creating the new documents, and we are committed to seeing that their plan is restored exactly as they had it. I’ve said it before, but please, I beg of you, call our office before you take action on your own when it comes to your plan. You trusted us with creating your plan to protect your family, and you can trust us with any lingering questions you have to ensure nothing like this happens to you.
This was not that call.
Unfortunately, the family had decided to have a conversation with their credit union regarding the estate plan we created and assets that needed to be retitled without letting us know. The credit union requested the full trust, and the family unknowingly gave them the binder with all the original documents delivered to them upon the original signing appointment.
This is like thermal nuclear war on your estate plan.
One way to revoke a legal document is to destroy or shred it. Now, typically, revocation through this means requires intent from the trustor, and in the case of this client, we have some room to correct the error since the trustor did not intend to revoke the trust. This does, however, mean their entire estate plan must be recreated along with an additional document that meticulously states the credit union’s actions and the reason for the new documents. After learning about what happened with the client, we held an all-team meeting to discuss the issue and come up with an action plan. Needless to say, I was appalled that the credit union so carelessly destroyed the documents created to protect this family and preserve their legacy. The sad truth is that this matter was entirely avoidable. Had the clients given us a call when the credit union requested the trust document, we would have been able to help them figure out what the credit union needed to see, as it is a private document to which they are not entitled to full access. We would have also provided a copy of the necessary pages to handle the issue.
P.S. Is there a silver lining to this story? Well, we are relatively confident that, at the very least, the bank shreds the documents you give them.
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BRAIN GAMES
SOLUTION
One of the biggest concerns clients share with me is that after they pass, their children or other beneficiaries will get into nasty fights. Oftentimes, the fights arise from undealt with familial issues and play out with one child vying to get a larger share or take possession of a beloved family heirloom. This fear is all too real a threat, as we have seen countless families torn apart by horrible arguments that go against what the parents stated in their plan. In all my years as an attorney, I have found that the best way to deal with these potential problems is to cut them off before they have a chance to become a real issue for the estate. The way to do this is by including a “No Contest” clause, also known as an “ In Terrorem .” By including this language in an estate plan, the trustors ensure that if any of their beneficiaries try to dispute the terms and take the estate to court, they lose their share of the assets entirely. It may sound a bit extreme, but the threat of losing their inheritance is a proven way to prevent beneficiaries from trying to alter the explicit wishes of the deceased. A No Contest clause works best when you leave something to the potential challenger. If the challenger would receive nothing anyway, they have nothing to lose by challenging your wishes. A bequest that is significant under the circumstances might make the challenger think twice before challenging your wishes. AVOID FAMILY FEUDS: The No Contest Clause
No family is exempt from fights, and it is best to use every tool at your disposal to ensure your wishes for your loved ones are protected. In addition to including a No Contest clause, we highly recommend that you have a conversation with your children and beneficiaries to communicate the decisions you have made. This can be helpful in heading off any future conflict, as it gives you the opportunity to explain why you have made the choices in your plan and what you hope for your family when you are no longer here.
If you have questions about your estate plan and protecting your family from possible feuds, contact our office today!
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While France may be known for its artwork, culture, and cuisine, the French Revolution was anything but beautiful, cultured, or tasteful. Instead, it was a brutal, vengeful affair, culminating in the ruthless execution of the French royal family and the end of their royal line. One of the most famous characters from this brutal time was the French queen, Marie Antoinette. She became a symbol for all complaints levied against the French throne, from extravagant spending to their brutal crackdowns on dissent, even though she wasn’t the actual perpetrator. In the end, it didn’t matter. Marie Antoinette, at age 37, was beheaded by guillotine in October 1793. Here are three true facts about Marie Antoinette. Cake: Not on the Menu Although many ascribe the infamous words, “Let them eat cake,” to Marie Antoinette, she likely never uttered them at all. Many other royals, including the French noblewoman Marie Therese more than a century earlier, had been credited with uttering the notorious sentence. So, someone else had likely said it before the French Revolution ever happened. Young Newlyweds Talk about a crowded household: Marie Antoinette was the 11th daughter of Holy Roman Emperor Francis I, the head of the powerful and influential Habsburg dynasty. She did not spend many years at home, however, because she was just 14 years old when she married the future king of France, Louis XVI. Faux Farmer Despite her regal estate and lavish lifestyle, one of Marie Antoinette’s favorite pastimes was pretending to work as a farmer. She had an entire fake farm built on the grounds of her palace in Versailles, where she and other noblewomen would dress in costumes and pretend to be sheepherders and milkmaids. Facts About the Late French Queen Marie Antoinette Headless of State
TAKE A BREAK
BACKPACK BEES
MELON MOON
MUSTARD OLYMPICS PEACH SANDCASTLE SCHOOL TWINS
VACATION ZUCCHINI
TASTY CUCUMBER SUSHI ROLLS
Ingredients
• 1 cup uncooked sushi rice • 1 1/2 cups water • 2 tbsp rice vinegar • 1 tbsp sugar
• 1 tsp salt • 2 sheets of nori • 1/2 a cucumber, sliced
lengthwise into thin strips
Directions 1. To make sushi rice, combine rice with water in a small saucepot. Add vinegar, sugar, and salt. Bring to a boil, cover, reduce heat, and simmer for 15–20 minutes until water is absorbed. Let cool. 2. Lay a piece of nori on a flat surface. Spread half of the sushi rice evenly over the nori, leaving a 1/2-inch border on one end. 3. Place half the cucumber strips along the other end of the nori. 4. Using your fingers, moisten the 1/2-inch border of the nori with water. 5. Gently roll up the nori, starting from the end with the cucumbers. Then press to seal. Repeat with a second sheet of nori and remaining cucumber. 6. Slice with a serrated knife into 1-inch sections and serve.
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Please, I Beg You — Call Our Office
Upcoming Events
Avoid Family Feuds: The No Contest Clause
Tasty Cucumber Sushi Rolls
The Truth About France’s Marie Antoinette
Don’t Make the Same Financial Mistake as Chadwick Boseman
A Stark Reminder of the Importance of Wills and Trusts Chadwick Boseman’s Estate Debacle Photo: Gage Skidmore
Everyone needs to have a will or trust set up for their financial future. Even if you feel too young to think about it, it’s never too early to prepare for the only guaranteed milestone in life. Take Chadwick Boseman’s estate as an example. Back in 2016, the actor (best known for his starring role in Marvel’s “Black Panther”) was diagnosed with stage III colon cancer, and he hadn’t even turned 40 yet. After quietly battling this awful disease in private, Boseman died only four years later on Aug. 28, 2020, leaving behind his parents, a wife, and many more family members who were devastated by their loss. Tragically, he didn’t leave behind a trust for his estate. When this happens, the deceased’s financial assets must go through probate, a court-supervised process for
identifying and distributing those funds to the deceased’s beneficiaries.
In California, where Boseman lived, intestacy laws require the probate courts to decide where someone’s assets can go. His widow petitioned the court to become the estate’s representative, which she was granted, allowing her to allot her late husband’s inheritance to be split evenly between herself and Boseman’s parents. However, because he didn’t establish a trust for these funds, legal fees and the U.S. government claimed a third of his net worth, a cut worth $1.5 million. And Uncle Sam could have taken even more of his estate if Boseman had lived in a different state without intestacy laws. If this is what the system can do to a celebrity with millions of dollars, imagine what can happen to the estates
of everyday people. All your planning, saving, and preparing for your family’s future in the wake of your absence could be gone overnight if you don’t have the right legal documents in place.
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