Planning for your Will

A Last Will is a document that outlines where all of your assets, your estate, etc., will go when you pass away. There are often numerous fights over Last Wills. This is no different: the Bittner family (what a name!) is fighting over his Last Will and his inheritance. 

Ever hear of a little place called Quad-City? Well, now you have. Nestled in the State of Illinois, a major court dispute over a Will is brewing: Jeffrey is the  son of the late Richard Bittner, who is contesting the fact that his mother, Joan, is the sole beneficiary of the IRA left behind in his father’s Last Will. An IRA  is an Individual Retirement Arrangement. 

Richard was a well-known Attorney who had generously donated to several charities, and chaired several banks in Quad-City. 

Richard last updated his legal document in 2014, citing his widow as the sole beneficiary of two established trusts in his name:  The R. Richard Bittner Family Trust and the Joan Y. Bittner Marital Trust. Richard’s IRA is worth millions (approximately $3.5 million). This is the largest of his assets and his son is contesting his mother’s beneficiary of the IRA. 

You can read more about the ongoing case here.

We get that question a lot: I’ve finished my Last Will. What do I with it now that I’ve completed it? Do I need to have it notarized? Do I need to have it signed by a lawyer?

There are several steps you should take after completing your last will and testament:

1. Sign the document: In order for a will to be legally valid, it must be signed by the person making the will (the “testator”) in the presence of at least two witnesses. The witnesses should also sign the will to confirm that they witnessed the testator signing it.
2. Shred any previous Wills, Power of Attorney documents, Living Wills, etc. These documents should be shredded because the new ones that you create will take precedence over the old ones. It will help to avoid any confusion.
3. Keep the Will in a safe place: It is important to keep your will in a safe and secure place where it can be easily accessed by your loved ones after your death. Some options for storing a will include a safe deposit box, a fireproof safe, or with an attorney or other trusted individual.
4. Let your loved ones know where the Will is located: It is a good idea to let your loved ones know where your will is located so that they can easily access it after your death. You may also want to consider naming a trusted individual as the executor of your Will, who will be responsible for carrying out your wishes as outlined in the document.
5. Review and update the Will regularly: It is important to review your will periodically and make any necessary updates to reflect any changes in your circumstances or wishes. You should update your will if you get married, have children, acquire significant assets, or experience any other major life events.

Everyone wants to win the lottery. You’ve probably fantasized about what you would do if you have won the lottery: travel, pay off your debts, provide for your loved ones, etc. That last part is a particular sore point for the  Lloyd family. When you think of squabbles over money, you think of rich families and their greedy relatives, all trying to grab their piece of pie. You probably don’t think of family members fighting over lottery winnings. After all, winning the lottery is a joyous occasion (for most people). Frances Lloyd, mother of three, was elated when she won $3 million in the lottery. She promised to purchase a new home and give the money to her loved ones. 

Unfortunately, Lloyd passed away in January of 2022 without a Last Will and Testament. Right before her passing, she deposited her winnings in a joint account with her daughter, Lisa, to assist with with paying bills and purchases. $500,000 of that money was allegedly given to Lisa to help her and her husband with the purchase of a new home. Lloyd’s other two children, Stephen and Frances, are now suing their sibling for what they feel is their rightful share of the $3 million dollars. The suit is pending. You can read more here.

A Last Will and Testament is an important legal document that many don’t think about drafting until they are on their death bid (or just about to take a vacation). A Will is an important document which ensures that your loved ones get access to your estate, assets, etc., when you die. For most of us, that is. Celebrities, who have provided for their loved ones, are taking a different track: they are leaving everything to either charities of their choice, or (weirdly enough) dispensing everything to their pets (like Leona Helmsley or Karl Lagerfeld). Who is going to properly take care of their pets, unless it’s s a loved one doing the care? Lagerfeld left behind $3 million to his cat, and Helmsley left a whopping $12 million-dollar fortune to the care of her dog, Trouble. How long do pets live, and do they need that amount of money to take care of their needs?

Simon Cowell is the recognizable (grumpy) face of American Idol. The dour Brit has a reputation of making potential singers cry on television, and his rudeness is part of the success of American Idol. Cowell is also a record executive but his claim to fame is the show. He’s no different than the other celebrities we’ve mentioned in this regard: he’s leaving his fortune to charity and not to his son, Eric. Simon Cowell is the recognizable (grumpy) face of  the television show “America’s Idol.” Cowell rose to fame as a judge on the syndicated television show and it has no doubt contributed to his large fortune. What does Cowell plan to do with his fortune when passes away? It turns out that Cowell is a huge dog lover. Much like other celebrities, Cowell isn’t leaving his money behind to his children. Instead, Cowell plans to leave behind a whopping $26 million to several dog shelters. You can read more about this here.