Saturday, February 17, 2007

So Anna Nicole did have a will - or why it should have been updated

I see now that the Anna Nicole Smith will has surfaced, and to muck things up even further, it leaves everything to her dead son (and failed to account for the situation that in fact occurred - i.e., what happens if her son predeceases her). Unfortunately for her, it was not updated after her daughter was born, and because she still has yet to be buried, it obviously doesn't account for where she wants to be buried and how, what happens if she is incapacited (a Terry Schiavo situation), etc. Further, the way Article I is worded inherently contradicts the fact that she has two children. Can you really disinherit a child you haven't had yet? Seems sort of against public policy, but maybe California has weird laws. I may only be a third year law student, but if I see problems with how this will is worded, I'm sure the court and the scores of attorneys that will become involved in this case will see them even more clearly.

So, while it's good that she has a will to adjust for some things, it is not as good since it was not updated in order to account for others. Moral of this ongoing story (and likely the last time I will comment on this tale): Have a will, prepared by an attorney, and update it whenever you have major lifestyle changes (e.g., kids, marriage, purchase a house, etc.). The costs of having an attorney do the will right far outweigh the costs of the litigation that could result if someone were to be "forgotten" or if you tried to do it yourself (The Anna Nicole Smith situation exemplifies the former problem).

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