On April 11, 2025, Lawrence Mandelker and Andrew Gindea published “Lessons to Be Learned from the Gene Hackman Estate” in The Recorder. The following is an excerpt:
The execution of a client’s estate planning documents is only the first step, and additional actions are needed to implement the plan and monitor the plan for potential changes that may be needed over time.
Estate planning documents may not be worth the paper on which they are written, if the estate plan does not work as intended. If the client intends to avoid probate, all of the client’s assets must be transferred to the client’s revocable trust, so that there is no need to probate the client’s will. (A revocable trust is a contractual agreement effective when the client signs, and which directs how the client’s assets will be managed both during the client’s life as well as after the client’s death. Since a revocable trust is a contract, it is not required to be filed in court and, therefore, may remain out of the public record.) In addition, a client wishing to update his retirement or life insurance beneficiary designations must properly submit all required documents and meet all administration requirements, and should request written confirmation of the correct processing of those changes. See Estate of Robert M. Silverman, NYLJ, Sep. 26, 1997 at Pg. 27 (col. 4) (Surr. Ct., NY County).
Click here to access the article.