J. Kelly Kennedy, Attorney/CPA, PLLC

Local: 863-877-4723
Toll-Free: 888-415-5019

Attorney and CPA

A will can be a tool to tailor the distribution of your assets

One of the most compelling reasons a Winter Haven resident might have for creating a will is the power to distribute one's assets as one sees fit. While the intestacy laws provide for distribution of assets after death, not all people will find these rules to be satisfactory. A will, on the other hand, can give people a great deal of discretion in distributing assets. One famous comedian seems to have taken advantage of this feature in planning his estate.

Jerry Lewis was a groundbreaking comic, actor and philanthropist. He died in August 2017. It was recently revealed that in his last will and testament written in 2012, Lewis explicitly excluded six of his children from inheriting any part of his estate. He had divorced the mother of the six children in 1980, and he reportedly had a strained relationship with them. Lewis's widow - his second wife - is set to inherit his estate.

There are probably people in Winter Haven who plan to provide for all of their children in their will. Still, a will can provide flexibility to distribute assets in a manner one wishes. If one wants to leave differing kinds of assets to different children, for example, a will will allow this to be done. A will also allows one to leave assets to a place of worship, a college or another charitable institution. A will also allows one to fund a trust.

Wills are power estate planning tools, but the requirements to make a valid will can be complex. An estate planning attorney can help with the creation of a valid, enforceable will.

Source: People, "Jerry Lewis Left All Six Children from His First Marriage Out of His Will," Mike Miller, Sept. 21, 2017

No Comments

Leave a comment
Comment Information