Thought it may be helpful to share three real stories covered in the press of celebrities who have died and the estate planning lessons we may obtain from reviewing the particulars involved.
Consumer Reports.org featured this April 14, 2015
“Over the years many celebrities have provided cautionary estate-planning lessons, and actor James Gandolfini, who died in June 2013 at age 51, is no exception. The actor, known for portraying mob boss Tony Soprano, left a portion of his estate, widely estimated at $70 million, to relatives and friends through his will, which became public and was criticized as being badly constructed. For one thing, it exposed some of his wealth to probate, the time-consuming and potentially costly process a legal court takes to administer financial affairs. In addition, his estate could owe millions of dollars in federal estate tax alone.”
I’d also share the benefits of planning by citing Robin Williams. As reported in Forbes 3 February, 2015,
“When Robin Williams tragically committed suicide six months ago, he left behind three children from his first two marriages (ages 23 to 31) and a widow of less than three years, Susan Schneider Williams. Unlike many celebrities, Robin Williams took the time to create thoughtful and detailed estate plan, including various trusts to benefit his three children and Susan. The trust established for his wife, called the Susan Trust, referred to and was consistent with a prenuptial agreement the couple signed when they were married in late 2011.
Because Robin Williams estate planning was carefully crafted, it initially appeared that his heirs would avoid the bitter family squabbles that affect many mixed-marriage families (in Hollywood and around the country). After all, it is his wishes that matter, and because those wishes were seemingly captured through the proper legal documents, there should be nothing left to fight about, right?
It’s a lesson that sometimes, not even the best wills and trusts can avoid an inheritance fight. The good news is that Robin Williams’ estate plan was well-prepared, which will likely keep this battle much less difficult, costly, and drawn-out than it would have been without the proper planning.”
Forbes also reported on the death of Glee Star Cory Monteith on 28 January, 2015, citing even young adults need wills.
“Cory was unmarried and had no children, leaving his parents as his closest relatives. But Cory died without a will (called “intestate”). Therefore, state law — not Cory’s wishes — determines who inherits his assets.
Under the law, what Cory wanted simply does not matter. He didn’t have a will. His estate highlights an important lesson — every adult should take the time to make out at least a basic will. Otherwise, the laws of the state he or she lives in will determine who receives what assets. With intestate estates, the probate process often becomes longer and more complicated than it needs to be. Who will be the administrator or executor? How will the assets be divided? What about sentimental items? Who will handle the funeral and burial arrangements? These questions all become much more difficult to answer when there is no will.
Studies show that up to two-thirds of adult Americans don’t have a will. Certainly, younger adults in their twenties and thirties often won’t stop to think about needing a will, as with Cory Monteith.”
A new acquaintance reminded me of a spoonful of sugar recently. I’ve looked up the exact 1st verse lyrics and post them here for “fun”!! How about we find a spoonful of sugar to find the fun and Snap?!
“In every job that must be done
There is an element of fun
You find the fun and…. Snap!
The job’s a game
And every task you undertake
Becomes a piece of cake
A lark! A spree!
It’s very clear to see
That…
A…
Spoonful of sugar helps the medicine go down
The medicine go do–own
The medicine go down
Just a spoonful of sugar helps the medicine go down
In a most delightful way”
The Living Planner provides “the business side of living” resources for individuals and businesses.
Let’s find the element fun in the job to be done … together! Contact Lynn@thelivingplanner.com
May you live life fully, Lynn