Don’t Die Until You Read This

Perry Pirsch, Esq.
PIRSCH LEGAL SERVICES, PC, LLO 5/7/19

As Benjamin Franklin duly noted in 1789, “…in this world nothing can be said to be certain,
except death and taxes.” Yet, as certain as death is, it is still estimated half of all Americans are
without a will.

So what? Do you really need to take the time and expense of creating a will? Yes, absolutely.
And no, not necessarily. What you really need is to be informed and plan.

There is, of course, value in having a will. Designating someone you trust to step into your
shoes and wind up your affairs upon death. Nominating a guardian for your minor children.

Disinheriting thoughtless, estranged family members. Personally, I found one of the nice things
about writing my will was that it was cathartic in recognizing my own mortality
One common myth is, if you die without a will, the State of Nebraska will take all your assets
and belongings. It will escheat to the state. This is generally not true.

If you don’t have a will, Nebraska has one for you through its laws of intestate succession: Neb.
Rev. Stat. § 30-2301, et. seq. (2012). Only in few instances, where the decedent has no close
relatives, does the decedent’s estate escheat to the state.

Another common myth is, if a close relative dies – such as a parent, child or spouse – a surviving
family member, especially one who was nominated as the decedent’s personal representative,
may be personally liable for the debts of the decedent.

While potential beneficiaries should not receive any share of the estate until after the debts and
taxes of the decedent are paid, there is no personal liability for the debts of the decedent by his
would-be beneficiaries or personal representative. In fact, Neb. Rev. Stat. § 36-202 (2012)
specifically requires every promise to answer for the debt of another person to be in writing.

Whether one has a will or relies on the intestate statutes, one is guaranteed to go through probate,
which can be of time and expense. Larger estates, particularly where there is property in several
states, can be more complicated. You can avoid the time and expense of probate through a
number of strategies, such as a revocable living trust, joint tenancy, and payment on death (POD)
provisions on bank accounts.

Another weapon in your arsenal to avoid probate became available January 1, 2013. The
Nebraska Legislature passed the Nebraska Uniform Real Property Transfer on Death Deed Act,
Neb. Rev. Stat. § 76-3401 (2012). The act provides for homeowner to designate a beneficiary
for the home (or other real property in Nebraska) on the death of the homeowner. It doesn’t
require the transfer of a current interest and is completely revocable, similar to a POD
designation on a bank account.

Finally, while planning for death is essential, it is also equally important to plan on life,
including who can make critical decisions for you during a period of disability, such as after a
stroke or diagnosis of Alzheimer’s disease. Durable powers of attorney and/or living trust can
help you designate the person you trust to protect assets, make decisions regarding your health,
and watch out for your wellbeing.

A good estate planning attorney can help you effectuate your intent for your assets well beyond
the grave, but the best advice in estate planning may be to write your eulogy and work
backwards: what do you want to accomplish in this life? Plan on living forever, but live each
day like it’s your last.

Contact Perry@NebraskaBusiness.Legal for a free evaluation.