“Know all men by these presents, that I, Elizabeth H. Colt, of the City and County of Hartford and State of Connecticut, widow of Samuel Colt, late of said Hartford, deceased, being of sound and disposing mind and memory but deeply conscious of the uncertainty of human life, do make, publish and declare the following to be my last will and testament…”
So begins the will of Elizabeth Colt, widow of Sam Colt, maker of the Colt .45. This article by Daniel D’Ambrosio, which features Ms. Colt’s will, brings up a couple interesting issues for anybody thinking about estate planning.
The first is that Elizabeth died in 1905, more than 100 years ago, and yet her will is still available for perusal by anyone who might choose to request it. This is because a will, once filed with the probate court, becomes public domain—even a century later. This is convenient for your distant descendents who may have an interest in genealogy, but it might not be so convenient for your more immediate family. It is not unusual for grieving relatives to let heightened emotions run away with them and believe themselves less loved when they find out that there has not been an equal distribution of property. A trust, on the other hand, remains as private as you choose it to be.
Another item of interest is the fact that the trust Elizabeth Colt set up more than 100 years ago was not only successful in carrying out her wishes at the time, but is still in existence today, continuing to work and carry out her charitable goals. The Colt legacy lives on, not only because of Sam Colt’s invention and industry, but also because of Elizabeth’s foresight and philanthropy.
