Celebrity Wills Blog Series (4) – Philip Seymour Hoffman

Greg Welden — Tue, 02 May 2017 01:44:42 +0000

Philip Seymour Hoffman was an American actor, director and a regular presence in films from the early 1990s until his death at age 46.
He commenced his acting career in a 1991 in an episode of Law & Order. He went on to play leading roles, and for his portrayal of the author Truman Capote in Capote (2005), won the Academy Award for Best Actor. He received three more Oscar nominations for supporting roles.
Yes, he was in The Hunger Games , but that is counter-weighted by his role of the baddie in Mission Impossible III.
Hoffman struggled with drug addiction as a young adult, and after many years of sobriety, relapsed in 2013. In February 2014, he died of combined drug intoxication.
The Will
Hoffman’s Will contained an esoteric request, that his son, Cooper, now aged 11, be raised in one of three cities – New York, Chicago or San Francisco. He wanted to ensure that he would grow up in a rich cultural environment.
Legally speaking, it is not possible to ensure someone lives in a particular city in order to receive an inheritance. There are ways of course that a deceased can use the inheritance to encourage beneficiaries to live a certain way.
Hoffman didn’t want his children to be trust fund kids and he repeatedly rejected the advice of his accountant and the lawyer who drew the will, to create trusts for each of his three children.
The Will, in which Hoffman’s friend and companion Mimi O’Donnell (also the mother to his three children), was named as the executor, and did provide a trust for his son Cooper (aged only a year old when the Will was drafted) but to operate only if his mother did not survive Hoffman.
Hoffman had two daughters subsequent to the execution of the Will.
The whole of Hoffman’s estate benefited Mimi O’Donnell.
The provision (request) concerning the location in which Cooper should be raised only applied of Mimi did not survive Hoffman, but was included with an acknowledgement that the purpose of the request is so that his son would be exposed to the culture, arts and architecture that such cities offer.
Legal Stuff
If you want to influence someone with the incentive of an inheritance, such as finishing university, then the gift can be delayed until that act has been fulfilled. The only clear restriction on this type of conditional inheritance is that it cannot be illegal or against public policy.
For example the Will cannot state that the house is to be sold but not to those thieving Greeks across the road (actual case).
Hoffman’s estate is estimated to be worth $35 Million (US).
Conclusion
People have funny ideas about what they want to do with their estate, will and those that might inherit. Hoffman’s request appears a genuine one, however, on occasions we have seen, or have been asked, to draft Wills with all sorts of conditions. A good rule of thumb is that the more restrictive and prescriptive the Will is, in regards to gifts and conditions upon those gifts, the more frustrated the administration of the estate might become (thus acting counterproductive to the original intentions of the deceased).
However, there is nothing wrong with a carefully worded wish.
At Welden & Coluccio Lawyers we can assist, advise and guide you through this very important aspect of estate planning, it’s more than just a Will!

Last Testament 101: Five Common Will Myths

Jason Coluccio — Tue, 18 Apr 2017 04:05:23 +0000

1. If I die everything will automatically be given to my husband/wife or partner.
2. I don’t have any assets so I don’t need to make a Will.
3. I can just write my own Will using a kit or a note about what I want to happen.
4. I won’t be around, so I don’t need to think about it.
5. I made my Will years ago so I don’t need to update it now.

1. If I die everything will automatically be given to my husband/wife or partner.

This is not always the case. If you die without a Will you are found to be Intestate. The South Australian intestacy laws have a formula for the distribution of assets from deceased estates where people have died without a valid Will under the Administration and Probate Act, which distribution is then subject to the Inheritance Family Provisions Act. This distribution can include children, as well as spouses.

2. I don’t have any assets so I don’t need to make a Will.

Even if you think your estate is not worth a lot, it is still important you make a Will.
Your estate might be worth more than you think

Most people have personal possessions and superannuation. The superannuation may form part of their estate and by law this requires distribution. In addition, when people die accidentally there may be substantial sums of money from insurance payouts that form part of their estate.

Everyone over the age of 18 needs a valid Will outlining how they would like their estate to be distributed.

3. I can just write my own Will using a kit or a note about what I want to happen.

If you are using a ‘Do It Yourself’ Will kit you need to prepare your Will accurately and have it witnessed correctly. If the Will is not prepared correctly this may result in the Will being challenged in court due to lack of certainty about your wishes.

It should be noted that while leaving behind a note or homemade Will might outline what you would prefer to happen, this type of document may not be legally recognised.

Furthermore, the costs associated in proving that the document is your last Will, will be a great expense upon the estate.

4. I won’t be around, so I don’t need to think about it.

By taking time to make a Will, you can save your next of kin uncertainty and stress. You will also save on the extra legal costs that can potentially be involved to finalise an estate where a person has died without a Will.

5. I made my Will years ago so I don’t need to update it now.

Life events such as divorce, birth of a child, marriage, entering a defacto relationship, death of a spouse or partner, or death of beneficiary, will all impact your Will.

A Will should be a part of your life’s journey, it needs updating as your life changes.

At Welden & Coluccio Lawyers we have the expertise and knowledge to prepare professionally drafted Will, following an in depth consultation with an experienced and qualified lawyer.