Wills, Trusts & Estates Prof Blog

Little Oversight, Deals Signed in the Dark: How Speculators Cash In When NYC Homeowners Die Without Wills

Studies show that only about one-third of Americans have an estate plan. Not having one can create a burden for loved ones, and in New York City, the stakes are higher for some homeowners who die without a will.

Borough public administrators may rely on neighbors, relatives, and funeral directors that knew the deceased to notify interested parties about the property they once owned. This process can take months or years, leaving room for outside investors known as "speculators," who place short-term bets on the market, to get involved and push for the sales of deeds below market rate. Understaffed agencies don’t have the resources to vet such deed transfers, opening up the potential for fraud. Lawmakers, court authorities, and city agencies have failed to safeguard such estates, as they cannot fully understand which properties lack an estate plan and where heirs might be vulnerable to real estate speculators.

For more information see George Joseph and Samantha Maldonado “Little Oversight, Deals Signed in the Dark: How Speculators Cash In When NYC Homeowners Die Without Wills” The City, July 26, 2023.

Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.

The Measure of Our Age: Navigating Care, Safety, Money, & Meaning Later in Life

M.T. Connolly, former head of the U.S. Department of Justice’s Elder Justice Initiative, recently released the book, The Measure of Our Age: Navigating Care, Safety, Money & Meaning Later in Life, which investigates the systems we count on to protect us as we age. Below is a review of the book:

Connolly opens with the observation that in the 20th century, Americans added 30 years to their average life spans. Technology has helped, with family connections maintained by Zoom calls, uncooperative hips and knees easily replaced, and so forth, so that “for millions of people, there has never been a better time to be old.” People in their 70s report being happier than ever in the lives. Then come the 80s, when, as Connolly observes, some three-quarters of people suffer some “functional disability” that drastically reduces quality of life. Many of the attendant phenomena are structural and can be changed. However, most elder care is provided by unpaid family members, such as spouses and adult children, at an estimated annual loss of $522 billion in potential income. Those caregivers are often untrained, while facilities sometimes prey on patients. Regarding the latter, Connolly urges stronger policing and punishment, and she argues against the common practice of assigning full guardianship to non–family members. As she writes, many of the societal woes that the elderly face are intersectional: Women face both ageism and sexism, while older minority members face racism and economic discrimination—to say nothing of worse institutional care generally, as the demographics of Covid-19 deaths in nursing homes attest. Throughout this lucid and thought-provoking treatise, Connolly offers thoughts on ways of improving life for the elderly, ranging from living in mixed-age communities rather than seniors-only retirement enclaves to applying psychotropic drugs to the treatment of anxiety and depression in hopes of finding “ways that mind-altering substances might alter the course of mind-altering diseases.”

Special thanks to Naomi Cahn (University of Virginia) for bringing this to my attention.

Sinéad O’Connor told her kids what to do if she was found dead

Irish singer-songwriter, Shuhada' Sadaqat, known professionally as Sinéad O'Connor, died on Wednesday at age 56 in London. She instructed her children years ago about what to do if she suddenly passed away. O'Connor felt it was important to educate her children on protecting her music and assets so their inheritance isn't taken advantage of. 

"I've always instructed my children since they were very small, 'If your mother drops dead tomorrow before you call 911, call my accountant and make sure the record companies don't start releasing my records and not telling you where the money is,'" O'Connor said in 2021 interview, citing that Tupac released more albums dead than alive.

O'Connor became a worldwide sensation in 1990 with her version of "Nothing Compares 2 U," and was later mired in controversy after a 1992 appearance on Saturday Night Live where she tore up a picture of Pope John Paul II in protest of corruption in the Catholic church. 

For more information see Lisa Respers France “Sinéad O’Connor told her kids what to do if she was found dead” CNN, July 28, 2023.

Randy Meisner, Eagles Founding Member, Dead at 77

Founding member of The Eagles, Randy Meisner, has died at age 77. The singer and bassist co-founded the group in 1971 with Don Henley, Glenn Frey, and Bernie Leadon, but left the bank in 1976 shortly after recording Hotel California.

"I could have tripled my money if I’d stayed," Meisner told PEOPLE in 1981. “But I was just tired of the touring. It’s a crazy life that you live at twice the normal speed. When it got to the point of sanity or money... I thought I’d rather have sanity.”

Meisner performed with the band at their 1998 Rock & Roll Hall of Fame induction and was invited on the 2013 world tour but declined due to his health.

For more information see Daniel S. Levine “Randy Meisner, Eagles Founding Member, Dead at 77” PEOPLE, July 28, 2023.

University of Tennessee Seeks Estate Planning Professor

The announcement below is from the Faculty Lounge:

THE UNIVERSITY OF TENNESSEE COLLEGE OF LAW invites applications from both entry-level and lateral candidates for up to three full-time, tenure-track faculty positions to begin at the start of the 2024-25 academic year. The College is primarily interested in candidates with scholarly aptitude and experience in one or more of the following curricular areas: criminal law (both substantive and procedural), environmental law (including energy law), and health law. Secondary interests include business law (including bankruptcy, real estate, or secured transactions) and estate planning (including tax-related courses).

All positions require a J.D. or equivalent law degree. Successful applicants should have an impressive academic background. Candidates also must have a strong commitment to excellence in teaching, scholarship, and service. Significant professional experience is desirable. 

In furtherance of the University’s and the College’s fundamental commitment to diversity, we strongly encourage applications from people of color, women, individuals with disabilities, LGBTQ+ people, veterans, and others whose background, life experiences, viewpoints, or philosophy would contribute to the diversity of our faculty, curriculum, and programs.

The University of Tennessee, Knoxville, is an R1, land-grant university located in Knoxville, Tennessee. The City of Knoxville is a hidden gem with a beautiful and walkable downtown, varied nightlife, active neighborhoods, and eclectic shopping and restaurants. UT is located within easy driving distance to Asheville, Nashville, Atlanta, and the Great Smoky Mountains.

Applications must be submitted through https://apply.interfolio.com/127752. Applicants should submit a letter of interest, including the subjects the candidate is interested in teaching, a CV, and the names and contact information for three references. While applications will be considered on a rolling basis, applicants should submit their materials no later than August 18, 2023 for best consideration. For questions, please contact Professor Zack Buck, Chair of the Faculty Appointments Committee, at [email protected].

All qualified applicants will receive equal consideration for employment and admission without regard to race, color, national origin, religion, sex, pregnancy, marital status, sexual orientation, gender identity, age, physical or mental disability, genetic information, veteran status, and parental status, or any other characteristic protected by federal or state law. In accordance with the requirements of Title VI of the Civil Rights Act of 1964, Title IX of the Education Amendments of 1972, Section 504 of the Rehabilitation Act of 1973, and the Americans with Disabilities Act of 1990, the University of Tennessee affirmatively states that it does not discriminate on the basis of race, sex, or disability in its education programs and activities, and this policy extends to employment by the university. Inquiries and charges of violation of Title VI (race, color, and national origin), Title IX (sex), Section 504 (disability), the ADA (disability), the Age Discrimination in Employment Act (age), sexual orientation, or veteran status should be directed to the Office of Equity and Diversity, 1840 Melrose Avenue, Knoxville, TN 37996-3560, telephone 865-974-2498. Requests for accommodation of a disability should be directed to the ADA Coordinator at the Office of Equity and Diversity.

Special thanks to Adam J. Hirsch (Napoleon Jones Professor of Law and Herzog Endowed Scholar, University of San Diego School of Law) for bringing this announcement to my attention.

 

University of Georgia Seeks T&E Professor

The following announcement is from the Faculty Lounge:

The University of Georgia School of Law invites applications to fill one or more tenure-track or tenured positions at the rank of assistant professor, associate professor, or professor.

The positions will begin in August 2024. Applicants must be committed to producing world-class scholarship, providing first-rate legal training, and engaging in meaningful service.

Priorities include criminal law and procedure, tax law, and international law. Other curricular interests include fields such as commercial law (including bankruptcy and secured transactions), trusts and estates, corporate law, employment, and ethics (broadly understood to combine with other fields whether business, international, artificial intelligence, or something else). Candidates who can teach in more than one of the above-listed disciplines will be especially helpful.

All applications will be considered until the position is filled. Interested persons should submit a letter of interest and curriculum vitae/resume at https://www.ugajobsearch.com/postings/329377 and may direct any questions to [email protected].

Special thanks to Adam J. Hirsch (Napoleon Jones Professor of Law and Herzog Endowed Scholar, University of San Diego School of Law) for bringing this announcement to my attention.

Timely Creditor Claim Required to Pursue Insurance and Employer Recoveries in Florida

Jeffrey Skatoff (Attorney, Florida) recently wrote an article titled, Timely Creditor Claim Required to Pursue Insurance and Employer Recoveries in Florida, on Probate Stars, July 2023. Provided below is an introduction to the article:

The Florida Supreme Court has resolved long-outstanding issues about whether a timely-filed creditor claim against a decedent’s estate is necessary to pursue recovery from an otherwise liable insurance company or an employer under a theory of vicarious liability.  In Tsuji v. Fleet, SC2021-1255 (Fla. 2023), the Florida Supreme Court held that a valid and timely lawsuit must be filed against a decedent as a prerequisite to recovery from an insurance company or an employer under a respondeat superior theory.

As explained by the Court, the Florida Probate Code contains two statutes of limitations for claims against decedent’s estates, 733.702 and 733.710.

The Court explained that 733.710(1) operates as a statute of repose or nonclaim.  Probate lawyers often refer to this provision as the creditor claim “brick wall.” ...

Article: Public Trusts, 1750-1850

Charles Mitchell (University College London) recently published a paper titled, Public Trusts, 1750-1850, Faculty of Laws University of London Law Research Paper No. 10/2023. Provided below is an abstract to the paper:

The paper discusses the eighteenth- and nineteenth-century history of English public trusts, meaning trusts of property that was held not for the benefit of any person or group of persons as private individuals, but for public purposes, the accomplishment of which would benefit the community at large. Trusts of this kind were frequently used as a legal form through which money and other property was held and spent on for the purposes of local government. Four types of trust are considered: town trusts, statutory trusts for building and maintaining roads, bridges, docks, harbours, etc, charitable trusts,, and trusts of ‘public money’ owned by borough corporations. Among other matters, the paper considers the nature of 'public trusts' during this period and whether they were thought to be substantially different from ‘private trusts’.

Who Will Get Tony Bennett's $200 Million Net Worth After His Passing?

Widely acclaimed American singer Anthony Dominick Benedetto, or Tony Bennet as known to the public, died last week at age 96. He was known for his American jazz and pop solo career, earning 20 Grammy Awards and a Lifetime Achievement Award, and Frank Sinatra called him “the best singer in the business.” Bennet’s net worth at the time of his death is estimated to be around $200 million.

Bennet was diagnosed with Alzheimer’s disease in 2016 but continued to perform. His last concert was with Lady Gage in 2021. Bennet builds his fortune through his eight-decade music career and by selling paintings. 

Bennet is survived by his wife, Susan Bennett, four children, and nine grandchildren.

For more information see Lane Vasquez “Who Will Get Tony Bennett’s $200 Million Net Worth After His Passing?” The Things, July 23, 2023.

Article: 'A Picture Is Worth a Thousand Words' – The Viability of Inserting Descriptive Photos in Wills

Gerry Beyer (Texas Tech University School of Law) and Scout Blosser (Texas Tech University School of Law) recently published an Article titled, ‘A Picture Is Worth a Thousand Words’— The Viability of Inserting Descriptive Photos in Wills, Estate Planning Developments for Texas Professionals, May 2023. Provided below is an abstract to the Article:

Specific testamentary gifts are a very important component of a will. They help clients pass important family heirlooms as well as transfer assets of high value. However, a specific gift can invoke a complicated and tedious process for the estate planner and for executors. Specific gifts of tangible personal property require precise descriptions with sufficient detail so that a person completely unfamiliar with the testator’s property may determine exactly what property is being gifted.

The necessity for specific detail is enhanced when gifts of similar nature are being gifted to multiple beneficiaries. For example, assume a client has ten rings she wishes to give them to ten different grandchildren. Each ring would require a description with sufficient specificity to ensure that the executor transfers the correct ring to the correct grandchild.

Traditionally, the estate planner needs to include lengthy and tediously drafted descriptions in the will. However, could an estate planner alleviate the uncertainty surrounding specific gift descriptions through the insertion of photographs of the property being described? An insertion of a photograph of the item, coupled with the description, would provide an additional layer of assurance to the testator that the gift will take effect as intended.