By Hampton & Pigott
Posted on 5-24-2021
Once upon a time in a land far, far away there was a king, Larry King. This King was loved by everyone far and wide. On one fateful day the King passed away. He left his Queen and a few sons to grieve his passing.
He also left something else... A piece of paper was found that detailed who would get his treasures. Now this piece of paper was no ordinary piece of paper because this piece of paper would determine where his entire wealth would go. Now, before this piece of paper was found the Queen thought she would be his heir, but this little piece of paper changed all that. This paper said, instead of the Queen receiving his treasures, his sons would.
Now, this left the Queen very angry. Even though the Queen might be angry the rest of us can take away some very important lessons from this.
1. Holographic wills, what this piece of paper would be considered, is likely to be upheld and the Queen will receive nothing. These wills, that are not witnessed, are most likely accepted throughout the land.
2. A prenuptial agreement could have been beneficial. Why? The King and Queen were about to get divorced before the King passed away but since he passed away and no prenuptial agreements were in place, the Queen will most likely get 50% of his estate, regardless of his will he left.
Having an estate plan in place is always a good idea so please, learn from the King and make sure your assets are all secured, and a will is in place, just in case. Contact Hampton and Pigott today to take care of your estate planning needs.