Leona Helmsley died last August in her home in Connecticut. Helmsley, who was worth billions, apparently did not have a revocable trust.
Her will has been submitted to the Probate Court, where all of her dirty laundry has been aired. Most surprisingly, Helmsley left a gift of $12 million to her dog, Trouble, in the care of her brother, Alvin Rosenthal.
In addition to leaving such a sizable amount to her dog, she also specifically disinherited two of her four grandchildren, Craig and Meegan Panzirer, for “reasons that are known to them,” she wrote. Her will also states, “I direct that when my dog, Trouble, dies, her remains shall be buried next to my remains in the Helmsley mausoleum.”
The mausoleum, she wrote, must be “washed or steam cleaned at least once a year” and she left $3 million for this purpose. She did leave $5 million each to her other two grandchildren with the condition that they receive the money only “so long as they visit their father's grave site once each calendar year.”
The rest of her estate assets are directed to be sold and given to the Leona M. and Harry B. Helmsley Charitable Trust. The morale of this story is that if you do not want all your private wishes broadcast publicly, make sure you leave your wishes and instructions in a revocable trust, not a will alone.
Durable power of attorney
I'm often asked why a durable power of attorney is needed if a revocable trust is created and all assets have been transferred to the trust.
After all, a durable power of attorney generally only handles things outside of a trust. Well, there are situations in which a power of attorney can be useful, especially if the person creating the trust ever becomes incapacitated.
One example is if an asset is acquired after creation of the trust, but for some reason doesn't get transferred to the trust. If the trustmaker becomes incapacitated and it is unclear if they will survive, a durable power of attorney can grant an agent (attorney-in-fact) the power to make estate and trust transfers. This in turn could save the trustmaker's estate tens of thousands of dollars in avoidance of probate fees for larger assets such as real estate if the trustmaker dies.
Another situation where a durable power of attorney could be used is if the trustmaker left a bank account outside the trust and then became incapacitated. If the agent appointed was given the power to make banking transactions, he or she could write checks from the bank account for mortgage payments and other expenses until the trustmaker regained capacity.
A durable power of attorney also can be used for such things like taking a sick or injured pet to the vet for treatment, where the agent can sign for the treatment in the name of the owner of the pet. A durable power of attorney is a great way to cover your bases and make sure that not only your estate, but your family is protected.
For more information, call Geiger Law Office at (760) 918-5811 or e-mail [email protected].
Disclaimer: The information provided in this article is intended only for educational purposes and does not constitute legal advice.
Her will has been submitted to the Probate Court, where all of her dirty laundry has been aired. Most surprisingly, Helmsley left a gift of $12 million to her dog, Trouble, in the care of her brother, Alvin Rosenthal.
In addition to leaving such a sizable amount to her dog, she also specifically disinherited two of her four grandchildren, Craig and Meegan Panzirer, for “reasons that are known to them,” she wrote. Her will also states, “I direct that when my dog, Trouble, dies, her remains shall be buried next to my remains in the Helmsley mausoleum.”
The mausoleum, she wrote, must be “washed or steam cleaned at least once a year” and she left $3 million for this purpose. She did leave $5 million each to her other two grandchildren with the condition that they receive the money only “so long as they visit their father's grave site once each calendar year.”
The rest of her estate assets are directed to be sold and given to the Leona M. and Harry B. Helmsley Charitable Trust. The morale of this story is that if you do not want all your private wishes broadcast publicly, make sure you leave your wishes and instructions in a revocable trust, not a will alone.
Durable power of attorney
I'm often asked why a durable power of attorney is needed if a revocable trust is created and all assets have been transferred to the trust.
After all, a durable power of attorney generally only handles things outside of a trust. Well, there are situations in which a power of attorney can be useful, especially if the person creating the trust ever becomes incapacitated.
One example is if an asset is acquired after creation of the trust, but for some reason doesn't get transferred to the trust. If the trustmaker becomes incapacitated and it is unclear if they will survive, a durable power of attorney can grant an agent (attorney-in-fact) the power to make estate and trust transfers. This in turn could save the trustmaker's estate tens of thousands of dollars in avoidance of probate fees for larger assets such as real estate if the trustmaker dies.
Another situation where a durable power of attorney could be used is if the trustmaker left a bank account outside the trust and then became incapacitated. If the agent appointed was given the power to make banking transactions, he or she could write checks from the bank account for mortgage payments and other expenses until the trustmaker regained capacity.
A durable power of attorney also can be used for such things like taking a sick or injured pet to the vet for treatment, where the agent can sign for the treatment in the name of the owner of the pet. A durable power of attorney is a great way to cover your bases and make sure that not only your estate, but your family is protected.
For more information, call Geiger Law Office at (760) 918-5811 or e-mail [email protected].
Disclaimer: The information provided in this article is intended only for educational purposes and does not constitute legal advice.