"Ghetto Wills"?

This weekend's Chicago Sun-Times has an article written by Mary Mitchell using Anna Nicole's Smith as a reminder to get your estate plan in order. A good idea, of course.

One particular passage is a bit concerning, however. Mitchell writes:

"If you can't afford a lawyer right now, start out with a "ghetto will," by writing down your wishes and having your signature on the document notarized at the local currency exchange."

This "ghetto will" sounds a lot like what we call a "holographic will" -- a Will that is handwritten by the testator and not witnessed by others. In some states, these can be valid under certain conditions. In Illinois, they never are. A Will is not a Will in Illinois unless it is signed, witnessed and attested to in the manner proscribed by statute. In many ways, a "ghetto will" may be worse than nothing at all.

To Trustee Or Not To Trustee

Kiplinger's Personal Finance Magazine has an article in its March 2007 online edition entitled "In You They Trust". The article discusses factors to consider when deciding whether to agree to serve as trustee as well as some tips for those that take the job on.

My favorite first piece of advice for a new trustee or executor: read the document(s). One of the first things we go over in an initial meeting with a new client serving as trustee or executor is a careful review of the terms of the trust or will (particularly the dispositive and discretionary terms). If there is any confusion or ambiguity, it is best to spot and deal with as early as possible.