The world lost a great comedian and actor when, in 2014, we learned that Robin Williams took his own life. Now, the Robin Williams estate is being “probated” and we find that his 3rd wife is at odds with his adult children from a prior relationship. Are we surprised? “Not at all” say most probate litigators. Here are 5 things to learn from the Robin Williams Estate.
Robin Williams Estate and the probate lawyers: what does the last spouse get?
- Robin Williams’ 3rd spouse, Susan Schneider Williams, has filed probate papers directed toward Robin Williams’ three children
- What’s the beef? Money evidently.
- There appears to be a disagreement over property left in Robin Williams’ will
- Evidently, Robin Williams also had a revocable trust
- Questions have surfaced over the last year or two with the death of actors James Gandolfini, Joan Rivers and Philip Seymour Hoffman about how the wealthy and famous plan their estates. Do they use trusts as a family wealth vehicle?
- Evidently, and according to media reports, the rich are NOT different: they still fight over money even after access to expensive estate planning attorneys and probate lawyers
- Robin Williams’ third spouse evidentily inherits the house, jewelry and some money…..but there is an apparent disagreement over what is “counted” or included in the last spouse’s inheritance
5 Estate Lessons from the Robin Williams Estate
So, as the probate litigators are added to the list of estate lawyers, and the Williams estate “goes on”, what can you learn from such estate disputes?
- This can happen to you. Although experts applaud “well prepared” clients who take the time to carefully consider the US estate tax & trusts when creating an estate plan, don’t be surprised: fights can break out when you are gone. Don’t take it personally…… after all: it’s just money….isn’t it? Yes, even the “closest” of families can be torn apart by legal wranglings and probate fees. Most estate trial lawyers who handle probate litigation will tell you that heirs count the money in the limo on the way to the funeral.
- Plan your estate litigation now. Yes, while the US estate tax, and what your Last Will and revocable trust say, are important, understand that there are steps you can take, right now, to try to minizime estate disputes and litigation when you are gone. A good probate lawyer who writes wills and trusts, a so called estate planning attorney, will know to ask about this and can suggest ways to try to minimize estate fights — and also minimize estate legal bills. Are there really steps you can take in your estate plan which anticipate that family, heirs and next of kin won’t get along, when you’re gone. Indeed.
- Be realistic. Will your 3rd wife really get along with your adult children from a prior marriage? Come on ! Increasingly, second or third families or spouses are common. So, too, probate litigation lawyers say, are squabbles and controversies between the families when you are gone.
- Fixed Inheritances. With multiple families or 2nd or 3rd marriages, estate planning experts suggest not putting everyone in one family trust, or, rather, simply just leaving your last spouse a fixed dollar amount or a life insurance policy: it’s clean, easy and the fixed dollar amount can be easily adjusted, up or down, over time. Or vice, versa: leave everything to your last spouse, but leave a fixed dollar figure to your kids and cousins. No discretion, no discussion.
- Inheritance rights & legal documents. Also, say some probate lawyers, be mindful of prenups which were, or were not, signed, and the survivorship rights of spouses. Your spouse may inherit more than you think: or want. States like Florida create very valuable inheritance rights for surviving spouses, regardless of whether the marriage lasted 30 years or 30 seconds, and, in some cases, can be 30-50% of one’s estate. Even with a prenup, watch out: spouses often challenge them based on “fraud” or “undue influence” and they end up being “creditors” of an estate.