Shocking NYC murder highlights Slayer Rule and estate planning contingencies. (Florida Probate Code Secion 732.802)
A recent murder case is New York is raising a lot of issues concerning estate planning. Specifically how both the families, and state legislature, can deal with unexpected issues involved with the decedent’s death and probate process.
According to reports by Investment News:
- Thomas Gilbert Sr., founder of Wainscott Capital Partners Fund, was fatally shot in his Manhattan apartment on Jan. 4.
- Mr. Gilbert’s son, Thomas Gilbert Jr., was arrested and charged with the murder soon after.
- Now, media is reporting that the younger Mr. Gilbert may still get his share of his dad’s $1.6 million estate, as the will splits the money between the elder Mr. Gilbert’s wife, daughter, and son.
- This is due to the ambiguity around Mr. Gilbert’s death and whether it was intentional.
- For the full story click here.
Slayer statutes, such as Florida Probate Code Section 732.802, are intended to deter the crime of murder by preventing beneficiaries from profiting from their own wrongdoing. When it comes to the distribution of the estate, the beneficiary who participated in the murder is disinherited and treated as if he or she died before the grantor.
However, many state slayer statutes, Florida included, require a mental element of intentional killing. So, in cases in where the homicide looks like an accident, whether it be a negligent or reckless accident, the person causing the homicide may still be able to gain from the decedent’s death.
This brings attention to why contingency plans in your Florida will are so important. As Investor News proclaims:
- “Nobody drafts a will with the expectation that a loved one could ultimately harm them, but it helps for planners to think about events in which a beneficiary becomes unable to inherit…
- There are more mundane reasons why a child may not be able to receive the money left behind by a parent.
- Perhaps the beneficiary passes away before the grantor, or maybe the beneficiary commits fraud or causes undue influence and can’t inherit as a result.”
Any West Palm Beach probate litigation attorney knows that the best way to prepare for your Florida estate administration is to prepare for all possible outcomes. It’s never too late to make sure your Florida estate planning documents anticipate these kind of events.
See http://www.pankauskilawfirm.com/ for videos and information on Wills in Florida, Florida Trust Law, Estate Planning, and Estate Administration in Florida.