No-Will Estate Triggers $1.2 Million Dispute and $80,000 Probate Bill
Updated
Updated · NTD · Jul 23
No-Will Estate Triggers $1.2 Million Dispute and $80,000 Probate Bill
1 articles · Updated · NTD · Jul 23
Summary
$1.2 million in assets ended up in a 14-month probate fight after a man died without a will, trust or updated beneficiary forms, leaving his longtime partner with nothing.
An ex-wife still listed on life insurance and retirement accounts received those assets because beneficiary designations override a will and pass directly to the named person.
$80,000 in legal fees was consumed as adult children battled over the estate, illustrating how probate can drag on for six months to two years and cost 3% to 7% of assets.
Five core documents—a will, durable power of attorney, healthcare proxy, advance directive and, in some cases, a revocable living trust—can reduce court delays, disputes and misdirected inheritances.
$2,400 bought the author and his wife a trust-based plan after seeing the case, underscoring the article’s advice to review beneficiaries yearly and after major life changes.