James Dean once said, “Dream as if you’ll live forever. Live as if you’ll die today.” On Sept. 30, 1955, James Dean unexpectedly died in a tragic auto accident. He was only 24 years old. Dean may have lived life to the fullest, but he was not prepared to die, at least from a legal standpoint. He died intestate, meaning he had no will. As a result, “most of his possessions went to his father, Winton Dean, whose relationship with him was distant at best,” according to the Internet Movie Database.
Would he have wanted this result? Probably not. More recently, consider the 2008 death of actor Heath Ledger, 28, from an accidental overdose. Unlike James Dean, Heath Ledger did have a will. However, it was outdated, failing to take into account the subsequent birth of his daughter, Matilda.
No one is invincible, even the young. Many people in their 20s procrastinate doing their will, or don’t even consider the need for it. If this sounds like you, you need to know that:
— If you live with your partner, there may be unintended and negative results for your partner when you die. Will your partner really be able to continue driving that car and living in that house? Perhaps. How are those assets titled? Do you have a domestic partnership agreement? If you are gay, have you registered as domestic partners? The answers to these questions matter in determining the rights to property. In addition, Washington courts have established several factors to determine if a “committed intimate relationship” exists between the two of you. If so, your partner may successfully argue that he or she is entitled to keep the house, car and other assets. But do you want to force your grieving partner to face the additional stress and expense of hiring an attorney to analyze his or her legal position and assert claims? A better option is to take care of your partner through basic estate planning. The very nature of the estate planning process encourages you to work through the “what if” scenarios with your partner. Communication will not only help you clarify your documents, it can also help you clarify your relationship.
— Many married people in their 20s just assume that when they die, their spouse will automatically get everything. Perhaps, depending on many factors, including whether the assets were obtained prior to or during the marriage. You and your spouse should discuss what you both want in the event that one or both of you were to die. Then work with your attorney to make sure your estate planning documents reflect your intentions.
— If you have young children, guardianship and trust considerations are paramount, and a key component of your responsibilities as new parents. A will allows you to establish a trust for your children, specifying how money will be expended on their behalf and ultimately distributed to them when they are adults. If both parents die, a will allows you to recommend a guardian and one or more alternates. Otherwise, you’ll have no input on who raises your children if anything happens to you.
— What about your parents? If you have a will, you’ll make the process easier for them, especially if your parents end up administering your estate as your personal representatives.
— And who will take care of your dog or cat? Your will can contain a pet trust or other less formal provision to provide for food and veterinary care, and specify who you want to be the new caregiver. I encourage you to talk to the potential caregiver, confirm that she is willing to take on that role and provide her with needed information about your pet so the transition will be easier.
- Estate planning can be an important part of your legacy. A will provides a great opportunity to make charitable contributions that speak volumes about your values, and help people, animals and our environment.
Your estate planning documents need to change as your life changes. When you are young, your life tends to change more rapidly. These changes aren’t a reason to postpone estate planning. Once you develop a positive working relationship with a good estate planning attorney, that attorney will be able to revise your documents as needed without reinventing the wheel and incurring great costs.
STACEY L. ROMBERG, Attorney at Law, focuses her practice on estate planning, probate and business law. Reach her at www.staceyromberg.com.
Phone: (206) 784-5305
