The recent deaths of high profile people like actor Heath Ledger (28) and NBC newsman Tim Russert (58) remind us that death can strike at any age. Estate planning is not just for the elderly. If you have any substantial property, you want to be sure that, if anything happens to you, that property will go to the people you would choose. You should make sure that you have a will and an appropriate estate plan no matter how old (or young) you are.

And, just as important, you should make sure that you update your estate plan whenever there is a significant change in your life – marriage, the birth of a child, starting a business. The furore about Ledger’s estate is a good example of the problems that can arise if you don’t keep these documents up to date.

The problem with Ledger’s estate was not that he had neglected to make a will. In 2003, he signed a will, which was filed in Australia, leaving his entire estate to his parents and his sister. By the time of his death in January, however, Ledger had a two-year-old daughter, Matilda Rose, as a result of his relationship with Brokeback Mountain co-star, Michelle Williams. His will was never changed.

New York law does give children like Matilda Rose, who are born after a will has been made, a mandatory share in the estate, but that law will only apply to property located in New York. Papers filed in Manhattan state that only about $145,000 of the estimated millions in Ledger’s estate are located in New York. The bulk of the estate will be dealt with in Australian courts. Australian law may also provide for a share for Matilda Rose; or her relatives may give her a share. Whatever happens, though, it may not be what Heath Ledger would have wanted.

If you die intestate (without a will), the property you leave will be distributed to your close relatives according to whatever the intestacy rules are in the jurisdiction where the property is located. If you have no close relatives, your property will "escheat" (be transferred) to the state government. And, as the Ledger story shows, if you don’t keep that will up to date as you enter and leave relationships, have children, or move through other changes of life, your real wishes may not be carried out.

Estate planning isn't just about disposing of your property after you die through a will. A good plan should at least include a living will and a power of attorney. In case of serious illness, accident or the effects of old age, a living will ensures that your wishes about extraordinary medical care are carried out. A durable power of attorney will specify someone you trust as the person to make decisions and handle your affairs for you if you are unable to do it yourself. Such planning helps give both you and your family peace of mind.

A good estate plan, can also help protect the property you leave from estate and inheritance taxes and will include protections for heirs who are minors or are disabled. It may be advisable to take actions like putting some property in trusts, purchase life insurance, or transfer property by gift during your lifetime. You should look into your options with your attorney and accountant, especially if you expect to leave an estate that is large enough to be subject to federal estate taxes (currently this means an estate larger than $2,000,000).

Contact us today at (215) 732-3255 to create or update your estate plan.

Langsam Stevens & Silver LLP represents individuals, groups, and businesses in a wide variety of areas of law: business and commercial transactions and litigation; general business representation; personal injury; catastrophic loss; landlord and tenant; creditors' rights; collections; real estate; estate administration, planning and litigation; domestic relations; business entities; bankruptcy; finance; health care; subrogation; toxic tort defense from exposure to hazardous substances; environmental defense; environmental representation with respect to real estate and other corporate transactions; and general litigation in Pennsylvania and New Jersey.

LSS partner, Larry Silver, was recently quoted in the Pennsylvania Law Weekly about the Pennsylvania Commonwealth Court's decision in Pennsbury Village Associates v. McIntyre. Silver successfully represented the defendant, Aaron McIntyre, who was sued by a real estate developer for pressuring Chester County to enforce a deed restriction requiring preservation of open space that applied to land purchased with county funds. The court ruled that McIntyre's actions were covered by a Pennsylvania statute granting citizens immunity from so-called SLAPP (Strategic Lawsuit Against Public Participation) suits when they seek enforcement of environmental regulations.

Attorney Robert Nix, who is associated with LSS, was featured in a June Philadelphia Weekly article relating to his position as the chair of Philadelphia's Police Advisory Commission.

The University of Memphis library maintains a website where you can easily find downloadable electronic versions of forms from many federal agencies. The long list of agencies covered includes the IRS, the Social Security Administration, the Patent and Trademark Office and the Passport Office. Check it out at exlibris.memphis.edu/resource/
unclesam/forms.html.