July 30, 2007
On July 29, partner David McCabe appeared on the weekend edition of BusinessWeek on ABC television. Mr. McCabe was interviewed by reporter Brad Holbrook on the importance of preparing a will. Noting that 70% of Americans do not have wills, Mr. McCabe expounded that often people procrastinate when it comes to preparing wills because of the discomfort in dealing with the issue of mortality. They are also often confused as to how best to divide their estates, and concerned about the costs of hiring qualified lawyers to draft the documents. Mr. McCabe explained that in the absence of a will, the courts and state will simply decide on the disposition of an estate, and more importantly, on the appropriate guardianship of minors left behind. Delineating one’s wishes in a properly drafted will, which can be prepared on most budgets, will likely alleviate any confusion as to how to handle one’s estate at the time of death. Mr. McCabe urged viewers to review their wills every two to five years and to assure that the original documents are held by their respective attorneys. He pointed out that if the will cannot be found at the time of death and it was last in the possession of the decedent then it is presumed to have been destroyed.
