Perhaps you are aware Abraham Lincoln was the sixteenth President of the United States, freed the slaves, worked as a lawyer, wrestler, rail splitter, and poet. But did you know this lawyer turned United States President died intestate, which is to say without a Will or Estate Plan?
Lucky for Lincoln and his family, his political ties provided him some clout and a chance to rub shoulders with some pretty influential people. As it turned out, one of those people was Supreme Court Judge and family friend Justice David Davis.
At the urging of Lincoln’s family, Davis asked to be and was appointed the administrator of Lincoln’s estate.
Lincoln died in April of 1865. His estate settled November of 1867.
The estate which was worth more than $110,000 went to Probate court. The amount of $38.31 was deducted and given to creditors. The rest of the money was split in equal thirds with one third given to his wife, and the remaining two thirds divided between his two children.
Economists believe the lawyer’s fees and expenses owed to Justice Davis equaled $6,600. However, Davis refused the money.
Here is the rub.
Even with their influence, Abraham Lincoln’s family had to wait 19 months before receiving their inheritance.
To put this in perspective, that is over a year and a half of having to pay bills, mortgages, rents, taxes and additional taxes on property and or assets inherited but not yet received, all while waiting for an inheritance.
Luckily, the Lincoln’s were well connected and persevered.
As twenty sixth President Theodore Roosevelt would have undoubtedly said, if you can find a Supreme Court Judge willing to administrate your probate and waive his fees, “bully for you!” Otherwise, you might want to consider getting an Estate Plan.
