Avoid the Risks of a Lost Will: Set Up a Living Trust!

Few athletes captured the world’s imagination like Florence Griffith Joyner, known as Flo Jo. With her record-breaking speed, bold style, and vibrant personality, she became a track and field legend. However, beyond her athletic achievements, a mystery surrounds her estate, highlighting the risks of relying solely on a Will. Let’s explore Flo Jo’s story and discuss why a Living Trust might offer a more secure way to manage your assets. Avoid the Risks of a Lost Will, Set Up a Living Trust!

The Missing Will and Its Consequences

Flo Jo dazzled the world at the 1988 Seoul Olympics, winning three gold medals and setting world records in the 100-meter and 200-meter sprints. Known for her iconic fashion choices and energetic personality, she was more than just an athlete; she was a cultural icon. But in 1998, at just 38, Flo Jo died suddenly in her sleep due to an epileptic seizure.

Flo Jo had prepared a Will in California, where she lived with her husband, Al Joyner, and their daughter. Her estate, valued at around $3 million, included real estate, investments, and licensing rights to her image. However, after her death, her family couldn’t find the original Will, which led to significant legal complications.

Under California law, a Will must be filed with the probate court within 30 days of death. Because Al Joyner couldn’t locate the document, the court ruled that Flo Jo had died intestate (without a Will). This triggered a lengthy legal battle between Al and Flo Jo’s mother over her estate. The probate court had to appoint a third party to manage the distribution of her assets, a process that took years and drained the estate’s value through legal fees and court costs.

What Went Wrong and How to Avoid It

Flo Jo’s story is a classic example of the problems that arise when a Will cannot be found. Without the Will, the court made all decisions regarding the distribution of her assets, leading to prolonged legal disputes and family conflict. Even though Flo Jo had a Will, it wasn’t enough to prevent the challenges her family faced.

If you rely solely on a Will, your estate may face a similar situation. A Will must go through probate, a lengthy process that can take months or even years. If your Will is lost or contested, the process becomes even more complicated. In Flo Jo’s case, this lack of a clear document led to years of disputes and financial strain for her loved ones.

Why a Living Trust is More Secure

A Living Trust is a legal document that places your assets in a trust for your benefit during your lifetime and transfers them to designated beneficiaries upon your death. Unlike a Will, a Living Trust does not go through probate. This makes the distribution of your assets faster, more private, and less likely to be contested. Here’s why a Living Trust is a better choice:

• Avoid Probate: A Living Trust bypasses the probate process, avoiding delays and reducing costs.
• Privacy: Unlike a Will, which becomes a public record, a Living Trust remains private.
• Reduced Risk of Disputes: Because a Living Trust is harder to contest, it minimizes the chance of legal battles among heirs.
• Continuity: If you become incapacitated, a Living Trust allows a successor trustee to manage your assets without court intervention.

Key Takeaways

Flo Jo’s case shows the pitfalls of relying solely on a Will. A Living Trust offers a more reliable way to manage your estate and ensure that your assets are distributed according to your wishes without unnecessary complications. By setting up a Living Trust, you can protect your loved ones from the headaches of probate and legal disputes, ensuring a smoother transition of your assets.

At We The People, we recognize the importance of safeguarding your financial future. Our team of seasoned professionals will guide you through the process of establishing a living trust. We ensure you distribute your assets according to your wishes. From crafting tailored legal frameworks to meticulous management, we prioritize asset protection at every step.

Are you ready to take proactive steps in securing your legacy? Connect with us today at 760-754-9059 to explore our comprehensive services. Schedule a consultation with our experts online here and let us assist you in safeguarding your assets for the future you envision.