Larry King, the famous American television and radio host, passed away on January 23, 2021. Over his remarkable career in broadcasting, which started in 1957, he earned dozens of broadcasting awards, hosted over 50,000 interviews, often appeared in television and film, and amassed substantial wealth. Yet, upon his passing, he left only a handwritten will to dispose of his assets, otherwise known as a holographic will. Now his family is embroiled in a fight over his estate due to his insufficient planning, and we should learn from the situation.
Larry King’s Estate Plan
At the time of his death, Mr. King was married and had five children. He and his wife, Shawn King, however, were separated and divorce was ongoing but not yet final. In October 2019, just two months before he filed for divorce, Mr. King signed a handwritten will that was no more than a few sentences long and purported to revoke his prior will he signed in 2015. The prior will included Mr. King’s wife, but the handwritten will disinherited her and left his estate to his children alone.
After Mr. King’s death, the handwritten will was filed for probate in Los Angeles County, California. Mrs. King promptly challenged the filing by questioning the validity of the will that would cut her out of Mr. King’s estate. The children have responded to Mrs. King’s wishes so the Court should follow it, rather than the prior 2015 will. The dispute will no doubt linger on for several years and it seems fair to speculate that neither side will emerge from the fight satisfied with the result.
The Importance of Proper Estate Planning
Roughly half the states recognize handwritten wills as enforceable, with requirements ranging from the minimal to the onerous. In Oklahoma, the requirements are straightforward: a handwritten will must be entirely handwritten, dated, and signed by the hand of the person making the will (the testator) to be enforceable.
But the handwritten will should be used with caution - it will not be sufficient as a long-term solution because it is susceptible to challenges (as shown by Mr. King’s situation). Additionally, because it is drafted by a layman, the handwritten will is not likely to contain the “magic language” required by law for certain bequests, for the order of priority of bequests, or for the disinheritance of a family member.
As Larry King’s estate has shown us, one who takes their estate planning into their own hands does so at a huge risk to both their wishes and the peace of their family. On the other hand, an estate planning attorney can create an effective plan that will carry out your wish.
BY: KEITH BARRETT, ATTORNEY
