Make sure your final wishes aren’t clouded in mystery…
Many people associate the need for a will and trust with wealth. In truth, wills and trust benefit the non-wealthy more, as the wealthy can afford the increased taxes and long delays created by probate. Of course the benefit to the non-wealthy might be greater, but the stories that best illustrate the need for wills and trusts are sometimes best illustrated by the wealthy. Here is one such story …
Howard Hughes …
In his youth, Howard Hughes achieved great fortune and fame as an aviator, engineer, philanthropist, and film producer.
During the golden age of Hollywood he dated screen legends like Bette Davis, Ava Gardner, Katharine Hepburn, Ginger Rogers, and Jean Peter.
Historians credit him for pushing the mob influence out of Las Vegas; a feat he accomplished by purchasing established Vegas hotels (some from known gangsters), improving the conditions and creating fair gaming policies.
All his accomplishments however, couldn’t protect Howard Hughes from the obsessive compulsive disorder or chronic pains which he suffered. As conditions worsened, he transitioned from a “bigger than life business tycoon” into a severe recluse. He began to abuse both over-the-counter and prescription drugs. On April 15, 1976 Howard Hughes died of kidney failure, presumably from a drug overdose.
Howard Hughes left behind an estate worth more than two billion dollars. After nearly three and a half decades of litigation, the Hughes’s estate settled. Twenty cousins shared what was left of his considerable fortune.
But here is the rub …
Hughes’ general attorney, Frank P. Morse claimed Hughes never intended for any money to be given to distant relatives. Instead, he wished for it to be given to the Hughes Medical Institute.
If true, what an unfortunate turn of events for such a prominent and powerful figure. If only Hughes had a will and trust, we would know for certain what his wishes were. Instead, much like the man himself, his final wishes remain clouded in mystery.
For more information on wills, trust or other estate planning matters, please contact a qualified estate planning attorney.
