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Lessons To Learn From Celebrity Wills

Lessons To Learn From Celebrity Wills

Celebrity estate planning tends to contain far more drama and intrigue than the average drawing up of a will due in no small part to celebrities' enormous wealth. However, if you've worked your whole life and have a solid home, some savings and priceless items that you want to pass on to your family, you might learn a few lessons in what to do, but more importantly what not to do when you plan your estate.

The first thing you should do is contact a will and probate lawyer as soon as possible. Drawing up a will is not something you want to leave to chance. You want to ensure that all your bases are covered.

Examples From Celebrity Wills

While celebrities deal with large amounts of money and property, they are still only human. Death is just as confusing and frightening to the wealthy as it is to the poor. These lessons on how celebrities have faltered in preparing for death should serve to teach the rest of us how best to handle our estates before we go.

  • Keep a Will - If you don't have a will, you could end up like legendary guitarist Jimi Hendrix, whose death led to decades of family struggles over his money and possessions.
  • Keep Your Will Regularly Updated - Renowned actor Heath Ledger died suddenly in 2008. He had a will, but it didn't include his youngest daughter. This has led to many family fights in probate court that continue to this day
  • Define a Conservator - Actor Groucho Marx did not declare who would be the conservator of his estate, leading to significant legal battles. These battles sucked money away from the estate and into lawyers' pockets, which is likely not what Marx would have wanted!
  • Don't Do It Yourself - Princess Diana did not leave official legal documents. Instead, she left a "Statement of Wishes," which was haphazard and did not help with assets not on the list. This led to some ugly legal battles. Fill out a will correctly according to the law, and your family will be able to grieve as they need to without worrying about getting their hands on your money and physical possessions.

Cover Your Bases

If you are getting older, you will want to think about how to pass on your estate. To sleep peacefully knowing that your possessions will provide for those you love, don't leave it to chance! Estate planning is not as easy as simply writing it down. Contact an attorney today!