Where there's a will, there's a fight. And it gets worse when there's no will
[This article was posted on February 12, 2010, on the website of
ABA Banking Journal, www.ababj.com, and is copyright 2010 by the
American Bankers Association.]
Trial
and Heirs: Famous Fortune Fights! By Andrew and Danielle Mayoras, 278 pp., Wise Circle Books
 Reviewed by Kim Fowler, vice-president and manager of trust compliance, Carolina First Bank, Greenville, S.C. Fowler was one of our reviewers in the March 2009 ABA Banking Journal’s “Books That Bankers Live By.” If you’d like to review books for our online book column, please e-mail
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When ABA Banking Journal called me about reviewing a new book dedicated to
explaining wills and trusts, I was a bit skeptical. Executive Editor Steve
Cocheo assured me, however, that it was right up my alley-a hysterically funny book
about the world of fiduciary mayhem. (Is this guy crazy?)
Fortunately for Steve, a thousand
miles separated him and my raised left eyebrow. Nevertheless, I agreed to read
it. A few weeks later, I laughed out loud when I slid the book out of its packaging.
The cover is plastered with colorful caricatures of rich and famous icons who
serve as examples of "what-not-to-do" in  the area of trust and estate planning.
Once I turned to the first page entitled, "The ‘Official' Disclaimer," I knew I
was in for a treat.
Trial and Heirs: Famous Fortune
Fights! by husband and wife team Andrew and
Danielle Mayoras is by far the most educational and clever book I have read in
a long time. While not in the genre of the typical book for "dummies," it is
written in a manner that will keep trust novices, as well as seasoned
professionals, interested until the very end. Broken into 26 easy-to-read
chapters, the book takes us on a journey through a fiduciary world fraught with
wild and crazy, sometimes dangerous, twists and turns.
Each chapter presents the basics of
fiduciary principals. These include such points as: What is a will? What are
the strengths of a will? Why is a trust better? What happens when a will or
trust is disputed? What is an executor?
Along the way, various terms are
simply defined on sidebar "scraps of paper," which resemble clippings from
tabloid newspapers. In some cases, these scraps show up again as reminders of
the term's meaning and how it now fits in the context of the current chapter.
This helps the reader avoid having to flip back and forth through the book to
find the word's original mention or to the back of the book for the glossary.
The end of every chapter includes
at least one "TRUE STORY of..." some
incredible figure. Take Howard Hughes, for instance. Here was the richest man
in the world, who apparently died without a will. Unfortunately, this situation
was exploited by a ne'er-do-well who claimed to have found Mr. Hughes' will. It
just happened to leave Mr.
"Do-Well" $156 million.
Other stories are remarkable not
for the people who were involved but rather for the circumstances surrounding
them...like the farmer who carved his last will and testament on the fender of
his tractor, as he lay trapped beneath, breathing his last.
But the ultimate true stories are
those that combine the famous and the bizarre into one. Believe it or not, Ted
Williams, despite the fact that his will dictated a polar-opposite outcome, is
at this moment somewhere cryogenically frozen in a lab in Arizona-without his
head. Many of the cases are current and up-to-date and are in fact still in the
courts and on the news today ("the TRUE STORY of" both Michael Jackson and Ted Kennedy are included).
Finally, methods to avoid family
fights are provided at the conclusion of each chapter. These range from how to
deal with quarreling siblings to what to do if you suspect a trustee of
stealing from the trust. All provide thought-provoking questions that every
reader will find invaluable.
Besides being talented writers, the
Mayorases are an impressive attorney duo with strong credentials. And they have
vast experience in a variety of areas, including estate planning, probate
litigation, and cases involving "exploitation of the elderly." In fact, many of
the examples shared in the book are from their own case files. Additionally,
they conduct educational forums through speaking engagements, radio, and the
internet.
I can't finish this review without
mentioning the illustrator-Jo Dhammasvetakoon. Okay...I can't pronounce her last
name either, so I'll stick with Jo. Scattered throughout the book, Jo's cartoon
illustrations of celebrity icons are dead-on (no pun intended-okay, maybe a
little). The "big-headed" likenesses are truly an added treat.
Killer girlfriends and abusive
nurses, nasty kids and incompetent trustees-even a feng shui master-run rampant through the pages of Trial
and Heirs. This entertaining book will
provide several outright laughs, as well as a few astonished gasps (my left
eyebrow was working overtime). And in the end, all will discover that they have
learned a little something whether they set out to or not.
Oh, and in case you are wondering?
The fender was accepted as the
farmer's true last will and testament and was physically filed with the courts.
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[This article was posted on February 12, 2010, on the website of ABA Banking Journal, www.ababj.com, and is copyright 2010 by the American Bankers Association.]
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