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While people often look up to celebrities and their amazing lives, they aren’t immune from making mistakes. Unfortunately, all too often, those mistakes involve things like their Will or proper estate planning documents. That can leave their family members and business colleagues with serious concerns after the celebrity passes away, and can even result in significant legal battles. Estate planning mistakes are one place where you definitely don’t want to emulate your favorite celebrity.
Not Having a Will in Place
A surprising number of household names die without a Will. That leaves the state and the courts to decide where their money and other assets should go. Not unexpectedly, plenty of people want to lay claim to those assets, and the legal battles often start before the deceased celebrity is even buried. Even if you don’t have a lot of money or any big assets, making a Will is very important. You want to protect what you have, and make sure it’s going to the right people if you die.
Not Updating Beneficiaries
Once you create a Will and other estate planning documents, you need to make sure you’re keeping them updated. After all, you wouldn’t want to give all your assets to the wrong person after you pass away. Anytime you make big changes in your life, such as getting married or divorced, or having children, it’s time to update your estate planning information. That provides you with security, and can also give you peace of mind.
Not Having a Power of Attorney
A power of attorney is another important aspect of planning your estate. You can set this up to protect you if you can’t make decisions for yourself, such as medical decisions if you become incapacitated. Make sure you choose someone you really trust for this, though, or you could end up putting yourself at risk of financial or other types of mistreatment.
The bottom line is that it’s important to make a solid estate plan, and being a celebrity doesn’t protect you from problems in that area. Work with an advisor for help, so you can get the best information and leave your assets to the right people when you’re gone.
A properly prepared estate plan saves money on court costs, taxes, and fees, and reduces the risk of familial strife. Contact us today to get started!