What the Fox? But I Don't Own Anything!

My topic is estate planning, on the day my great-uncle Milton Rogovin died, at age 101—yes, one year for each Dalmatian. Young, younger and youngish people exclaim, "I don't own anything, why should I have a will?"

Your estate is everything you own upon your death. A trust that avoids probate is a bad idea for almost everyone. First, you won't avoid probate court. Second, living through a trust takes away many tax deductions, adds transaction costs, requires a second tax return, increases the care with which you must manage your property; and, did I mention you still need probate court?

Your property is not all that remains upon your death; your remains do too. If you want to donate organs, you need to put it in writing. If you want medical students to learn anatomy on a cadaver instead of plastic, you need it in writing. If you want someone in particular to make your funeral arrangements, you need a writing. And, if you want cremation with some people to have ashes with other ashes scattered? You need to put it in writing.

Control over your corpse could be the most important question. I know someone who was going to be married soon. He figured he should write a will after he got married. Wrong, before is more important. He died before the wedding. He wanted his fiance to have his ashes. She wanted his ashes. His ex-wife wanted to hurt the fiance; so, she wanted his ashes. Legally, the fiance had no power; the ex-wife did. His kids were caught in the middle. His elderly mother was caught in the middle and stayed there; she took the ashes and everyone had to go to her house to be with the urn.

Before you die, you will have health care questions. Pick a couple people to speak for you if you can't communicate. A living will specifies your care and treatment decisions. A health care proxy appoints someone to make decisions for you. You could have both, or just a proxy. Make sure your doctor and the hospital s/he uses will follow your wishes: they may have wording they need to use. Will they withhold artificial hydration and nutrition? Will they withdraw it once it starts? If you are pregnant, should they keep you alive to deliver, or try to save the baby? Is there a level of functioning you would not want to live with?

Without a will, your friends get nothing. In New York, if you are survived by:

(1) A spouse and children, then fifty thousand dollars and one-half of the residue to the spouse, and the balance thereof to the children.

(2) A spouse and no children, then the whole to the spouse.

(3) Children and no spouse, then the whole to the children.

(4) One or both parents, and no spouse and no children, then the whole to the surviving parents.

(5) Children of parents, and no spouse, children or parent, then the whole to your siblings.

Finally, artwork requires special language to enable your executor to donate one or more works to a museum to if enhance your reputation as an artist and/or enhance the value of remaining works.