Elizabeth Edwards

On December 7, 2010, Elizabeth Edwards passed away after a long battle with breast cancer. 
 

Edwards was recognized as a public figure from her previous marriage with North Carolina Senator John Edwards.

 

Upon review of her estate documents, Edwards will had apparently been changed only 6 days before her death.
 

The press was a-buzz upon review of her estate plan because John Edwards was not named in her will. Edwards essentially left her entire estate and the decisions to be made regarding her estate to her children; naming her oldest daughter as executor  and trustee and as guardian of her two minor children.
 

Edwards changes in her estate plan remind us that there is more to consider in divorce proceedings than the here and now. Planning for the future must include re-visiting your estate plan to ensure your wishes have not changed.
 

What we can Learn From Elizabeth Edwards:

• Don't wait until the last minute to revise your will. This will throw up a red flag to anyone removed from the will to contest (based upon competency.)
• Always update your estate plan after any major life changing event.  Pursuant to federal law, upon divorce, your ex-spouse is automatically removed from  your estate plan. But, Elizabeth Edwards was still legally married to John Edwards at the time of her death. If Elizabeth cut John out of any portion of her will, things could get messy if he decides to contest in court. Despite the laws removing your spouse from your estate plan upon divorce, re-visit your will and make it perfectly clear what YOUR wishes are so your family will not have to defend your estate plan in court.
• Keep your estate out of the public eye. Elizabeth Edwards will was a "Pour-Over Will"; which essentially means everything in her will (and her estate) moves into a "Revocable Living Trust" upon death. Unlike a will, which is a public record, a trust is a private document, only read by the trustees and beneficiaries named within it. By moving her estate into the trust, the public has no idea where the bulk of her estate will go and the administration of her estate becomes a more intimate matter, protected from unwanted eyes.
   

Whether you have begun to draft your estate plan or not, Peck Bloom's attorneys have the experience and knowledge to ensure your legacy is protected. Call us today for a complimentary consultation.