Celebrities are just like us. Believe it or not, they are humans too. This means that they share a human quality we all have in common – we all make mistakes. You may think that with their wealth, advisors, attorneys, and accountants celebrities have flawless estate plans, but incredibly, that is not always the case!
Do not fear. Grimaldi Law is here! We will help you avoid these top four common estate planning mistakes that even celebrities make.
1. Not having a will.
If you don’t have a will, your assets may not be distributed the way you want. Additionally, with nothing in writing and everything in question after you’re gone, it will surely cause family tensions to be at an all-time high. Celebrities who died without a will include Prince, Jimi Hendrix and Pablo Picasso.
2. Having an outdated will.
So you do have a will? Congrats! But don’t just sign it and forget it about and assume you’re covered. Having a will that is continuously updated is key. Over time, family, marriages, and even friendships change, grow or crumble, and your will should reflect your most current lifestyle. This ensures that if anything happens your assets, the people you love are taken care of. Singer Barry White died without an updated will. He was separated but not officially divorced from his wife at the time of his passing, so when he died, his soon-to-be ex inherited everything while his long-time girlfriend received nothing.
3. Not planning for taxes.
You may have to pay federal estate taxes or state estate taxes, and they can definitely add up. If you don’t want your loved ones to also inherit a huge headache and heartache if they have to sell sentimental items to pay the taxes, then a strong estate plan is necessary. After Joe Robbie, founder and owner of the Miami Dolphins, died, his family had to sell his stake in the team to pay estate taxes.
4. Not detailing personal items.
You may think estate planning is simply for real estate properties, assets, and bank accounts- but personal property also needs to be itemized in the will. Robin Williams’ family is fighting over his film memorabilia and Martin Luther King Jr.’s family fought over his Noble medal. Personal items may be easy to overlook but after a loved one passes, these items may actually be even more important to family and friends because they hold sentimental value and memories.
There are many more mistakes that can occur if an estate plan is not handled correctly or if it’s never completed at all. That is why Grimaldi Law and our professional, friendly and patient estate planning attorneys are here to help you with all your will and estate planning needs.
Grimaldi Law Firm: Property. Planning. Protection.
About the Author: Melinda Grimaldi is an attorney in Hollywood, Florida, whose practice is concentrated in the areas of commercial and residential real estate and estate planning law. She can be reached at (954) 491-8707 or firstname.lastname@example.org
The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an experienced real estate attorney. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.