Presentation by Vincent Sullivan, Estate Planning Attorney

Vince Sullivan, our estate planning attorney and a Board Certified Specialist in Estate Planning, Trust and Probate Law, spoke this morning on some of the problems he encounters in his estate planning practice.

First, people have to read the documents they sign. He gave the example of a trust that required distribution of percentages of the estate to four different beneficiaries. Unfortunately, the total given away was more than 100%.

Second, he discussed a case where a settlor had named three co-trustees to handle his estate after the settlor died. These three trustees barely knew each other, lived in different parts of the U.S., do not get along, and may end up in lawsuits against each other. In the meantime, a business wasn’t being run, and an expensive home with swimming pool was left vacant.

Third, Vince gave an example of an individual transmuting his home, owned before the marriage, from his separate property to community property with his wife after he was married. Unfortunately, the marriage is ending in divorce a few years later, and the individual is regretting having transferred his home into community property.

Vince’s talk was very interesting and very enlightening.