MORE WILL CONTESTS, continued

More Wealth

There are several reasons why this largest ever wealth transfer will result in more contests by disgruntled heirs claiming they didn't get "their share." First, some baby boomers', parents are "children of the depression", characterized as having seen hard economic times and become thrifty and content to live well below their means as a result. "Children of the depression", now in their 80s, worked hard, lived modestly, and saved, and saved, and saved. Whether they made steady investments in simple vehicles like U.S. savings bonds or life insurance, whether they now own appreciated real estate, or made long-term investments in the stock market, these parents continued to live modestly as their wealth accumulated; to wit, "the millionaire next door." As these boomers' parents die and pass their large estates to their children, more wealth will translate into more Will contests because Will contests are all about -- and only about -- money. Further, much of this wealth is first-generation wealth, so the owners may not be convinced of the need for sophisticated estate planning for the purpose of discouraging Will contests.

More Elderly Clients

As a result of advances in medical science, the fastest-growing age segment of American society today are those age 85 and older.

Increased longevity will result in more Will contests, first, because medical science has improved the quantity of life more than the quality of life. Even before Alzheimer's and other forms of dementia were as common as they are today, lack of testamentary capacity was one of the most common grounds for Will contests. Guarding against this attack includes knowing that at the moment of execution of the Will, the testator must have sufficient mind and memory to [i] understand the nature of the task of making a Will as shown by the ability to create a rational plan for the use of his property after his death (e.g., "I give my house to my son who has always lived with me and cared for me during my old age, and who has never had any other home; I give my business to my daughter who has never wanted to work anywhere else and has always shown great interest in it and love for it."), [ii] recall generally what property he owns, and [iii] recollect the relative "claims" of persons who would be the natural objects of his bounty or the "duties" he owes to his family members ("claims" and "duties" in the sense of leaving property to legatees in some rational proportion to the amount of love, affection, and attention those legatees showed the testator during his life). "I know he's my son, but, he's never been there for me."

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