Penny-wise and pound-foolish: costly strategy in estate planning

Here is a cautionary tale showing that “penny-wise and pound-foolish” estate planning strategies are a bad idea.  Just days ago, an estate litigation will-dispute appeal was decided in favor of the decedent’s nieces even though they weren’t even mentioned in the Will.   Aldrich v. Basile, SC11-2147 (Supreme Court of FL 2014).   For a background of the dispute, Ann Aldrich had decided to reduce costs and employ an “E-Z” online will form to complete her last will and testament.   The form unfortunately only allowed several specific bequests but did not contain a residuary clause for all unspecified assets.  The end-result:  Not only was Ms. Aldrich’s probable intent circumvented since her assets went to nieces not even included in the will, but the estate also incurred costly litigation expenses.