When we think of Independence Day and the American Revolution we think of freedom. At its heart, estate planning — managing and disposing of your property how you want — is truly a person’s last act of freedom, testamentary style. And our founding fathers themselves were revolutionary in their own estate planning. Some of their Wills were quite detailed and sophisticated, showing a great deal of foresight and utilizing trust structures that have only become widely used in more recent history. Some examples:
- The Will of George Washington was highly detailed and widely circulated. Among other provisions, the first President left the bulk of his estate to be held for the benefit of his wife Martha for life under which she would receive the profits. This looks like what we now know as a Marital Trust. Washington named 7 co-executors (don’t try this). Ultimately, Washington’s Will took 47 years until the final settlement.
- The Last Will and Testament of Thomas Jefferson was detailed and well-considered. Among other interesting provisions, Jefferson specifically stated that he did not leave a bequest to his son-in-law, Thomas Randolph because he feared that it would be lost to his creditors. Instead, he left the property in (a sort of spendthrift) trust for his daughter independently under which she held a power of appointment. Jefferson believed the trust would then be protected for the benefit of his daughter and her family. Jefferson also requested that his slaves be freed and left considerable bequests on their behalf.
- The Last Will and Testament of Benjamin Franklin showed that Franklin truly believed that a penny saved is a penny earned. Franklin’s Will included bequests to the cities of Boston and Philadelphia to provide low-interest loans to “young married artificers” who needed help starting businesses. The gift to each city was the equivalent of about $2,000 each which Franklin calculated under the terms of his Will would grow to many millions after more than 100 years. He was right. The funds were used to provide more than 1,400 grants and were finally closed and disbursed after more than 200 years in 1990 with more than $4 million and $1.5 million, respectively.
Declare Your Family’s Independence. You don’t have to be a revolutionary to leave a legacy. Whether you want to take care of your spouse, your descendants, or your favorite charities, everybody has the ability to exercise their testamentary freedom and leave their own legacy. There are many moving parts to a concise estate plan that must be considered in order to properly protect yourself and your loved ones. An estate planning attorney can explain your options under applicable law and craft a plan that best suits your family’s needs. There is no need to wait and leave your family’s future to chance. Contact us today so we can get you on the road to independence!
Have a safe and happy holiday weekend!