 Helpful Articles
from David Vollrath,
Union County Foundation Executive Director
The Foundation encourages you to work closely with your professional advisor(s)
as you develop your estate plan and consider your present and future charitable goals. |
Myth #1 Regarding Wills -- “I Don’t Plan to Die”
(Part of a series of articles on charitable giving and the Union County Foundation
by David Vollrath - Exec. Dir.)
Bill was 69 years old and didn’t have a will. He didn’t feel a will was pertinent to him because after all he was
in great health. Bill walked every day, he took all the right vitamins, and he was careful about his diet. Bill
golfed 2-3 times a week and didn’t even ride in a cart. He took pride in the fact that many golfers half his age
wouldn’t think of "walking" a course. Bill figured some day when death was a little more relevant that
he might get around to that will issue.
Unexpectedly Bill’s life was suddenly cut short by a fatal car accident. He was life flighted to the hospital but
he never regained consciousness and therefore never had a chance to complete and sign a will. Thankfully Bill’s
story is fictional but it is very similar to the mindset lots of people have regarding wills. Let’s look further
at the implications of Bill’s procrastination regarding preparing a will.
Bill’s estate was substantial (well over $1,000,000) by the time you figured in the value of his home, additional
property, life insurance, family business, and retirement savings. Since Bill didn’t think it was time yet to prepare
a will his estate had to be probated without one. This meant Bill’s extended family including nephews, nieces,
cousins, and even some relatives he had never met fought over his estate. Bill’s property and assets had to be
held by the estate for several years while the would be heirs waited until the will contest was settled. Since
Bill didn’t have a will the court had to appoint an executor. Bill always figured his brother Jack would be the
logical and best choice for executor but the court appointed a local attorney who by their own admission already
had a "nearly insurmountable work load." Without a will as a roadmap the amount of time to settle the
estate was greatly increased. During all the delays the court appointed executor, the involved attorneys, the CPAs,
appraisers, etc., etc. all continued to generate and receive substantial fees while the family waited in frustration.
After substantial delay the estate was finally settled and the much-reduced estate was distributed to Bill’s family
according to the state law for division. The division was a lot different than Bill would have designated had he
taken the time to prepare a will. Of course the settlement didn’t set up the scholarship fund to honor Bill’s parents,
which was always what Bill had dreamed of and intended. To make matters worse after the settlement many family
members never again spoke to each other.
Bill knew he eventually would die but he assumed that time would be far in the future. Clearly no one knows what
tomorrow holds. Bill missed a great opportunity to conserve his estate by minimizing tens of thousands of dollars
of estate taxes, attorney fees, and accounting fees. By not having a will he also lost the opportunity to leave
a lasting legacy in the form of the scholarship fund he had always dreamed of. But probably most important of all
he lost the opportunity to best preserve family peace.
The Union County Foundation is equipped to help you achieve your charitable goals and to answer questions you may
have regarding planned giving. Please call us at 937-642-9618, email info@UnionCountyFoundation.org, reference our website at www.emarysville.com/unioncountyfoundation, or stop by our Marysville
office at 126 N. Main St. We are committed to helping you.... “preserve your footprint in time.” |
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