Celebrity Estate Planning goes awry Pt. 8

Whether famous or just regular folks, we are reminded by the following anecdote that a few extra steps in your estate planning will deliver on your intentions. 

Leona Helmsley

Leona Helmsley was famous for being direct in her requests of staff and others around her.  After her death, it was discovered that the hotel tycoon had left instructions cutting two of her grandkids out of her $5 billion estate and leaving $12 million for her dog, Trouble. The stiffed grandkids made their own trouble and sued, claiming that she wasn’t mentally fit to create her will and trust. The case settled, leaving poor Trouble with “only” $2 million.

There is a basic lesson to be learned here: If you’re planning to do anything unusual, especially if it involves anything that would leave unhappy family members, have a lawyer conduct a mini evaluation attesting to your mental competence.

Whether  I'm working on the ordinary or the exotic estate planning issues, I enjoy helping people plan their estates.  Please give me a call, if I can assist you..... or if you just wish to meet and get acquainted. 

Celebrity Estate Planning goes awry Pt. 7

Whether famous or just regular folks,  we are reminded by the following anecdote that a few extra steps in your estate planning will deliver on your intentions.

Heath Ledger

The actor started out being an excellent estate planner for himself.  He drafted a will leaving everything to his parents and sister, but after the birth of his daughter he failed to update his will.  The results were messy family fights in the media.

The lesson is to start well and then maintain the good beginning: Be sure to regularly update your will following life events like a birth, adoption, marriage, divorce, or death in the family.

I work daily with estate plans, and I would welcome the opportunity to discuss how we could develop a plan that would work for you.  Call me, and let's get acquainted.

Celebrity Estate Planning goes awry Pt. 6

Whether famous or just regular folks, we are reminded by the following anecdote that a few extra steps in your estate planning will deliver on your intentions.  

Florence “FloJo” Griffith Joyner

This Olympic sprinter wrote a will (which was a good estate planning act), but she never told anyone where it was.  The result left her husband was unable to file the will within 30 days after her death --- as required by her state's law. As a result, both FloJo's husband and her mother went to court over disputes, and administration of the estate was eventually turned over to a third party.
Basic Lesson to be learned here: Keep copies of your will someplace secure like a safe deposit box, your attorney’s office, or with a reliable third part.  And then be sure to let your family members know where it is and how to access it.

Call me, and we can draft a will and make arrangements for its safe storage.