In a world where people envy the lives of celebrities, there are some realities that might not make you quite so envious.
One of these areas is Estate Planning. When we think they have it all together we often times discover this is not necessarily the case. When they pass away and their estate plans are revealed it becomes very obvious that they are not immune, like you and I, to the faults of poor estate planning.
Why Focus on Celebrities?
They are visible and often times we think that just because they have lots of money and status that they have their legal and financial affairs in good order…but quite often, they do not . Sharing how they have failed to get things in order might help you see the importance of having your estate plan done, regardless of your wealth or status in society.
I hope you can learn from these celebrity fails and have a little fun seeing that things aren’t always as they seem…but can be easily fixed when you know what to do when it comes to your estate. Much of the information on these celebrities came from the writers at WealthManagement.com. They put together a great series showing some of the primary issues that each of these celebrities missed along the way. Hopefully you can learn from their fails and strengthen your own plan so you have greater peace of mind and NO.MORE.TEARS.
FAIL #1...PRINCE
Let’s start with examining the Estate of Prince, one of the most famous musicians of our time. Prince was best known for his song Purple Rain, along with a whole list of other hits. His career started at the age of 7 and he became an iconic song writer, singer, and performer. Purple Rain was also a popular movie by the same name. To learn more about his life and his incredible successes, check him out on Wikipedia.
When it came to his Estate Plan Fail, his was one of the most basic…he HAD NO PLAN!. Prince passed away in April of 2016 without instructions for his millions of dollars of assets…neither a will or a trust existed or has been found. You heard right. Below is how WealthManagement.com describes Prince’s situation…
Since his passing, a will still has not turned up. Prince’s younger sister and five half-siblings appear to be the singer’s only heirs, but that hasn’t stopped others from trying to get a piece of the purple one. The Minnesota judge overseeing the administration of his estate has had to deal with numerous people popping up out of the woodwork claiming to be children of Prince (who would stand to take a share of his estate under Minnesota’s intestacy scheme). Many of the dismissed would-be heirs claimed that Prince was either their husband, biological or adoptive father or that they were half-siblings of the singer (one even maintained the CIA had classified her marriage with Prince as top-secret).
As you can see, it can get quite messy when you don’t plan. And whether or not you would have long lost relatives suddenly popping up to claim parts of your humble estate or not, the complexity, mental anguish, and stress to your loved ones of having to deal with this for months and years is something I’m sure most people wish to avoid. It can all be prevented by spending some time with your estate planning attorney TODAY.
Don't make Excuses...
Sometimes people will say, “Well I’ll be gone so let them figure it out.” I would strongly caution against this mindset and approach. Not only will your grieving loved ones have to get over the emotional anguish of losing you but now you are putting on an additional mental and legal burden on them to figure out who gets what (and if you have children under age 18 who will be their guardians and raise them to adulthood). This isn’t a curse I would wish on my worst enemy…it is painful, time consuming, and rarely ends well.
What to do next...
Take a look at your own situation and ask yourself if you are acting in a way to enable a judge to decide in your favor if there was some sort of disagreement or litigation pending. If not, change the way you act according to your estate plan. If you do not, either revise your actions or revise your plan. Sit down with your estate planning attorney and review where you are in life and compare your actions to your plan.
If they aren’t in alignment, talk to your attorney and develop a plan to get things fixed. If Frank Sinatra, Jr. had done this he could have avoided a lot of litigation and stress for everyone. I guarantee that when you have things in your life in alignment with your estate plan, you will find it much easier to have your plan executed the way you want and to leave a legacy to your loved ones by having things well documented and your wishes captured. It may be one of the most important things you can do for your loved ones once you are gone. Don’t be like Frank Sinatra Jr.…act the way you plan. When you do this, you will have NO.MORE.TEARS.
What To Do Next...
Put a date on your calendar today to meet with an experienced estate planning attorney and start the discussion. I guarantee you will find it much easier than you think once you get started and you will en life well- leave a legacy to your loved ones by having things well documented and your wishes captured. Ensure that your loved ones can grieve for you and not have the additional hassle of trying to figure out all the asset and guardianship issues. It may be one of the most important things you can do for your loved ones once you are gone. Don’t be like Prince…get it done. When you do and have it in place, you will have NO.MORE.TEARS.