This is the third in our “Celebrity Fail Series” that talks about how celebrities failed to do the proper planning for their estates. Besides having some great entertainment value, there are some important lessons that can be learned from some of the most recognized celebrities.
It also demonstrates that effective estate planning isn’t about having the most fame or money, it’s about understanding how to “execute your wishes” when you are gone…and protect your loved ones in the process. Since often times we envy celebrities, I want to point out that they, too, make mistakes when it comes to planning for their estates.
Why Focus on Celebrities?
Sharing how some of these celebrities 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 #3...Burt Reynolds and Aretha Franklin
Let’s take a look into the Estate “fails” of two iconic celebrities, Burt Reynolds and Aretha Franklin. While they are very different types of celebrities, they share the same type of fail…PRIVACY. Burt Reynolds was best known for his acting career in a host of popular and successful films such as Smokey and the Bandit, The Cannon Ball Run, Deliverance, The Longest Yard, and his start in Gunsmoke. He had a very long and successful acting career in both comedies and dramatic roles.
Aretha Franklin, on the other hand, was best known as a singer with some acting roles. But she is best known for singing such famous songs as Respect, Think, (You make me feel like) A Natural Woman, and I Say a Little Prayer. All of these led to her being labeled the “Queen of Soul.” She also had some acting roles along the way in such successful films as The Blues Brothers.
When it comes to their Estate Plan Fails, both Burt and Aretha have one thing in common…lack of privacy. In both their situations, their privacy was on display because of what they did (or didn’t do) with regard to their estate planning.
Estate Plan Fails for Burt Reynolds...
Take Burt for example. He actually planned and had a Last Will in place. However, because it was a will, it was available for the public to view. Fortunately for him, his will offered very little information about the disposition of his assets. He did set up a separate trust for his son, which was not made public because it was a trust. This was very smart on his part (and his attorneys) to set it up as a trust so it wasn’t open to the public for review.
Estate Plan Fails for Aretha Franklin...
Aretha, on the other hand, had a different set of issues. She died “intestate,” which means that her estate is currently passing through a public probate process because she had no estate plan. When someone doesn’t put a trust in place, all their information is open to the public so anyone interested in making a claim can know about the situation and the assets. Then it is up to a judge to decide what happens going forward, which can take months or even years for estates as large and complex as those created by celebrities.
What Should They Have Done
In both cases, their estates were set up so as to allow the public to see much of what was going on in their lives. This could have been prevented…and should have in my opinion.
If they had done some proper estate planning, everything (and everyone) in their estate could enjoy privacy and the public would not have been privy to any of their wishes upon their deaths. They could have established trusts and other strategies to keep all their assets private and secure. It would have allowed their loved ones to avoid any added unnecessary exposure or harassment. And it would have been easy for both of them to do during their lifetime.
As you can see, there are better ways to handle your estate, regardless of whether you have celebrity status or not. Putting the proper plan in place will allow you to keep everything in your family private and secure. And this is important for most people who aren’t in the celebrity category as much as those who are celebrities.
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.