We have seen many examples of famous people making a mess of their estate planning. In this blog we have described the situation of Stieg Larsson who failed to keep his Will up-to-date and also underestimated how much his estate would be worth. We also talked about Anna Nicole Smith who didn’t update her Will after her child was born. Today we are going to highlight a very frequent mistake with the help of Gary Coleman who died over two years ago. Why now? because just last week a judgement was made on his estate which goes some way to illustrate the toll that a badly drawn up estate plan can have on loved ones. The family have been embroiled in a legal battle for nearly two years and a significant part of the estate has been lost to legal fees.
So what made Gary Coleman’s estate so troublesome? Firstly, he had a Will written in 2005 naming his manager as the Executor and main beneficiary of his Will. But his ex-wife had a handwritten note from 2007 stating that she was the main beneficiary and Executor. Different jurisdictions have different laws regarding the status of a common-law spouse and the effect of marriage and divorce on the status of a Will, so there is no need to go into details of the judgement but there is a clear lesson here.
I actually feel sorry for Gary Coleman as many people find themselves in this situation. They have taken the time to prepare their Will (in this case in 2005), but in the space of a few years he married, divorced, then lived as common-law. Any lawyer would have advised him to update his Will on at least four or five occasions during those two years. But as we have discovered when dealing with customers at LegalWills many people are being charged as much to update a Will as it cost to create one in the first place. One person called our support line explaining that she had been quoted $100 “per change” to her Will. This puts people in a difficult situation where they try to handwrite changes on their Will, or even handwrite a “codicil” which is effectively what Gary Coleman did. Generally handwritten updates to Wills result in legal uncertainty, litigation, lawyer’s fees and acrimony between remaining loved ones.
This is why services such as those provided by LegalWills.ca, LegalWills.co.uk and USLegalWills.com are becoming increasingly popular. It is precisely because Gary Coleman used the services of a lawyer, that there became a barrier to updating his Will. If he had used an online interactive service, he simply could have logged into his account, made the change and printed off a brand new, up-to date document.