Sometimes stories and examples that may seem silly at first blush can also be the most entertaining and illustrative. In previous blog posts I have described the in's and out's of making proper legal arrangments for the ongoing care of pets in an estate plan.
Well, I never thought I would see the day when estate planning would include flora and fauna.
Did you happen to notice a recent article in The Wall Street Journal titled “A Woman's Will Provides Funds for Trusty Houseplant Upon Her Death.”
The article chronicles the curious case of Ronna Scoratow, her will, and her trusty 42-year-old "lacy tree" philodendron.
Ms. Scoratow, having no children or horticulturally-minded next-of-kin, simply had no automatic option for the future care of her prized plant. Beside, this is not your average houseplant that is easy to move around.
Wanting to ensure that it her plant would not left to waste away should it outlive her, Ms. Scoratow provided a tidy sum of $5,000 to a trusted friend with the express purpose of caring for the plant. In this way Ms. Scoratow ensured the ongoing care for one of the things she cares about without unduly burdening others (including the friend that would otherwise have to move the ungainly plant).
While you likely would be forgiven for leaving the fichus out of the family inheritance, or coolly disinheriting the cactus, that is not really the important part of this story. The essential takeaway is that we all have many little details in our lives for which we have specific plans after we are gone – from collections, to pets, to the homestead.
It is called personal responsibility.
The only way to ensure that our specific plans are carried out is to make proper estate plans including them, whether you are in Overland Park or elsewhere.
Period.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
Reference: The Wall Street Journal (May 4, 2014) “A Woman's Will Provides Funds for Trusty Houseplant Upon Her Death”
Suggested Key Words:
Estate Planning
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