People normally think that the wealthy are easy to spot by their possessions and lifestyles. However, as some charities in Albany, New York recently found out that is not always the case.
When Phyllis Stone passed away most people in Albany assumed she was an ordinary elderly woman. After all, she lived a simple life in a rundown old home and drove an old beat-up vehicle. However, when the details of Stone’s will began to emerge, it quickly became clear that she was in fact a very wealthy woman.
As reported by the Times Union in an article titled “Modest woman turned out to be millionaire next door,“ Stone had amassed a small fortune worth approximately $6 million.
Most of her estate was left to local charities who never knew she was wealthy or even a potential donor. As it turns out, Stone lived an eventful life and even went to Grateful Dead concerts when she was in her 80s. In addition, she knew members of the band personally.
Most people in Stone’s situation do not think they need an estate plan. Stone was never married and had no children. Similarly situated people are often content to leave their estates through probate to their closest living relatives as provided by state intestacy laws. However, because Stone went to an elder law or estate planning attorney, she was able to devise an estate plan that will do wonders for charities in the community in which she lived. She could have also used her estate plan to give money to specific family members.
Whether you live simply or extravagantly, if you have assets, then you should follow the example of Phyllis Stone and get your estate plan implemented.
Reference: Times Union (August 16, 2014) “Modest woman turned out to be millionaire next door“
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