In season four of Succession, Logan Roy, the patriarch of the family and acting CEO of Waystar Royco, suddenly passes away amid a corporate merger. The majority ownership of the company was divided amongst the Roy Family, in what appears to be a series of highly sophisticated estate and tax planning strategies, resulting in the family members having significant power over the management of the company.
After Logan’s death, a typed document is found in his safe that may or may not be Logan’s Last Will and Testament. The document contained “testamentary intent,” that appears to express the desire that Logan’s son, Kendall Logan Roy, be appointed as the next CEO of Waystar Royco. Throughout the first four seasons, Kendall struggled with substance abuse, mental health issues, and poor decision-making leading many to believe that Logan may have begun looking outside the Roy Family for his successor.
When the Will is found, the characters immediately point out that Logan, or someone else, attempted to edit the terms of the document by making handwritten notes and either underlining or striking through the name “Kendall Logan Roy.” Did Logan underline Kendall’s name to confirm his commitment to his son, or did Logan determine that Kendall was ultimately unfit for the role?
When a Will is handwritten, either completely or partially, and not witnessed or notarized, the document is generally considered to be a “holographic will.” In Florida, a handwritten will is only valid if executed in the presence of two witnesses. Importantly, if a testator in Florida attempts to make handwritten changes to the their will, the handwritten amendments will likely not be honored by the Probate Court.
It is important to know that the laws differ from state to state. In New York, for example, a holographic will – even if no witnesses are present – can be validly admitted to Probate if it can be proven that the amendments are in the testator’s handwriting and that the testator intended for the writing to be incorporated in the Will. While in Florida, the Courts will likely not entertain any arguments to admit an unwitnessed last will and testament, barring extreme circumstances.
It is striking that Logan Roy, who undoubtedly hired top attorneys to parcel Waystar Royco’s ownership between the family, still relied on a handwritten note to govern the succession of his multi-billion-dollar conglomerate. It just goes to show that these scenarios can, and do, happen. If you wish to make changes to your will, trust, or corporate governance, it is critical to consult an estate planning attorney licensed in the jurisdiction of your current residence.
