We’ve decided to close out October with another scary story about estate planning. In our last installment, we included a creepy probate tale. This time however, we have chosen a story in which probate would have been the happier alternative…
Edgar Allan Poe was a master of gothic horror. – An author and poet whose most famous works include, “The Pit and the Pendulum,” “The Tell-Tale Heart,” and “The raven.”
But in spite of having what would become three volumes of unpublished works, Poe died without having protected any of his stories with a Will or Trust. This would prove to be unfortunate.
Poe’s lack of estate planning was evidenced after his death when long time rival and editor, Rufus Wilmot Griswold succeeded in becoming Poe’s literary executor. Griswold claimed Poe assigned him the task; a fact never refuted but commonly believed to have been false.
Griswold claimed to have secured power of attorney over his work from Poe’s aunt, Maria Clemm. Regardless of the fact the rightful heir and closest living relative to Poe was his sister, Rosalie. Meaning the power of attorney should have been worthless.
Griswold would eventually publish Poe’s works without sharing a cent of the profits. Worse yet, he wrote a “biographical sketch” which wildly attacked Poe’s character.
Although Poe’s friends were quick to defend the author’s reputation, Griswold made out like a bandit and profited off the back of Poe’s work.
Now for the truly horrific part:
One would think Poe’s sister would have had a great chance of reclaiming the rights to Poe’s work had she had the money and desire to challenge Griswold. She would have had to do so in probate, and there is no telling how long the proceedings would have lasted. A better alternative would have been If Poe had a Trust and his work secured. Or even a Will which would have aided his family tremendously in probate proceedings. Either option would have found Griswold thwarted and Poe’s family vindicated.
However …
There wasn’t a Will
and there wasn’t a Trust.
Hope as you might,
Search as you must
… nevermore.
