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 When Raymond Simmons died in 2006, he left his entire estate, worth $800,000, to the Tennessee Children’s Home. The home, which started as an orphanage in 1935, takes care of male teenagers who have been abused, neglected, or who have had trouble with the law. Simmons’ executor, Daryl Bornstein, is now being accused of spending close to the entire amount of money. The lawyer for the Tennessee Children’s Home, Joe Fowlkes, has stated that there is only $25,000 left. Probate litigation could take 9 months to a year and a half.
It has been reported that Bornstein admitted to spending the money for personal use, mainly on bad investments and Iraqi money. His lawyer has declined to comment on the situation.
Bornstein was one of Simmons few friends; although he has surviving family members, they were estranged and they were not beneficiaries in the will. The friendship started after Simmons bought an insurance policy from Bornstein.
The home has not been able to determine what connection Simmons had to it, if any, although they were very appreciative of the donation.
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I regularly get asked the question whether probate administration is necessary by a family member of a recently deceased person. Whether probate is necessary will depend on the assets owned by the decedent, and the title and value of those assets.
Probate is essentially the court-supervised transfer of a decedent’s assets to his/her beneficiaries named in the Last Will & Testament. If the decedent failed to create a valid Will prior to his/her death, then the assets are passed to the decedent’s heirs at law, determined by California intestacy laws. During the probate administration process, a personal representative (called either an Executor or Administrator) is appointed to carry out a number of tasks, including collecting the decedent’s assets, paying creditors, and distributing the remaining assets to the decedent’s beneficiaries/heirs. The personal representative hires an experienced probate attorney in Los Angeles to initiate probate and guide him/her through the probate administration process. For more information, see FAQ The Probate Process. For examples of disputes that may arise during probate, see Probate Dispute.
To determine whether probate is necessary, the first step is to obtain the title/ownership of the decedent’s assets. Assets held in joint tenancy, in a living trust or irrevocable trust, or having a beneficiary designation do not require probate. However, assets that are in the decedent’s name alone and have no beneficiary designation will require probate only if the gross value of the decedent’s probate-able assets (the assets that require probate administration) is greater than $100,000.
For example, a person dies leaving three assets: one residence in Los Angeles worth $500,000, one savings account with $50,000, and one life insurance policy with a death benefit of $200,000. The Los Angeles residence is titled in the name of the decedent and his daughter, in joint tenancy; the bank account and life insurance policy are titled in the decedent’s name alone, but the life insurance policy has a beneficiary designation naming the decedent’s son as sole beneficiary.
Any experienced Los Angeles probate attorney will tell you that probate is not necessary in this situation. Even though the decedent’s estate is worth $750,000, the decedent’s only probate-able asset is the savings account worth $50,000, which is less than the minimum $100,000 requirement. The residence in Los Angeles passes automatically to the decedent’s daughter, since she is the surviving joint tenant. The son can obtain the proceeds of the life insurance policy directly from the life insurance company since he is named as the beneficiary. A family member can obtain the $50,000 from the bank account, but is obligated to distribute the proceeds to the decedent’s beneficiaries or heirs.
Marilyn S. Rhodeback, who passed away last April, had a unique will, not because of what was specified in it, but because of what it was written on. The 14″x14″ block of wooden will was a first for the attorneys and court officials who handled the case.
Rhodeback, who was 73 at the time of her passing, wrote the will after her husband died without having a will. Her daughter said that her mother knew she needed a will, and the closest thing available to write on was a block of wood that was left over from a shelving project in her home. She kept the will and revised it on the block of wood for 14 years. Her sisters signed the will before she died.
The will was written in her own handwriting and was signed by her sisters. The court is accepting is as a legal document, although they cannot store it because it doesn’t fit in the normal file drawers. They had to take a copy of the will for the records.
Contact a Los Angeles Trust and Probate Litigation Attorney at Kerendian & Associates, Inc. for professional and knowledgeable legal counsel.
Marilyn S. Rhodeback, who passed away last April, had a unique will, not because of what was specified in it, but because of what it was written on. The 14″x14″ block of wooden will was a first for the attorneys and court officials who handled the case.
Rhodeback, who was 73 at the time of her passing, wrote the will after her husband died without having a will. Her daughter said that her mother knew she needed a will, and the closest thing available to write on was a block of wood that was left over from a shelving project in her home. She kept the will and revised it on the block of wood for 14 years. Her sisters signed the will before she died.
The will was written in her own handwriting and was signed by her sisters. The court is accepting is as a legal document, although they cannot store it because it doesn’t fit in the normal file drawers. They had to take a copy of the will for the records.
Contact a Los Angeles Trust and Probate Litigation Attorney at Kerendian & Associates, Inc. for professional and knowledgeable legal counsel.
Marilyn S. Rhodeback, who passed away last April, had a unique will, not because of what was specified in it, but because of what it was written on. The 14″x14″ block of wooden will was a first for the attorneys and court officials who handled the case.
Rhodeback, who was 73 at the time of her passing, wrote the will after her husband died without having a will. Her daughter said that her mother knew she needed a will, and the closest thing available to write on was a block of wood that was left over from a shelving project in her home. She kept the will and revised it on the block of wood for 14 years. Her sisters signed the will before she died.
The will was written in her own handwriting and was signed by her sisters. The court is accepting is as a legal document, although they cannot store it because it doesn’t fit in the normal file drawers. They had to take a copy of the will for the records.
Contact a Los Angeles Trust and Probate Litigation Attorney at Kerendian & Associates, Inc. for professional and knowledgeable legal counsel.
When Raymond Simmons died in 2006, he left his entire estate, worth $800,000, to the Tennessee Children’s Home. The home, which started as an orphanage in 1935, takes care of male teenagers who have been abused, neglected, or who have had trouble with the law. Simmons’ executor, Daryl Bornstein, is now being accused of spending close to the entire amount of money. The lawyer for the Tennessee Children’s Home, Joe Fowlkes, has stated that there is only $25,000 left. Probate litigation could take 9 months to a year and a half.
It has been reported that Bornstein admitted to spending the money for personal use, mainly on bad investments and Iraqi money. His lawyer has declined to comment on the situation.
Bornstein was one of Simmons few friends; although he has surviving family members, they were estranged and they were not beneficiaries in the will. The friendship started after Simmons bought an insurance policy from Bornstein.
The home has not been able to determine what connection Simmons had to it, if any, although they were very appreciative of the donation.
Do you need to challenge the actions of an executor? Contact a Los Angeles Probate and Trust Litigation Attorney at Kerendian & Associates!
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