Wednesday, February 8, 2017
Prince, Frank Sinatra Jr., Jose Fernandez, and Tom Clancy all left their wealthy estates in disarray, which left their heirs scrambling to figure out what they were entitled to. So, what has this taught us? First, in order to avoid estate problems, you must have a will and an estate plan to distribute your assets and put these documents in a place easily accessible by others. Further, you must hire good attorneys and be able to take their advice. Also, remember to make provisions in your estate plan for those you want to take care of if the unexpected occurs. And finally, avoid ambiguity in your estate-planning documents by making your intentions clear in writing so that the opposite of what you wanted does not end up happening.
See Karen Demasters, Prince, Sinatra, Fernandez, Clancy: All Left Estate Messes, Private Wealth, February 7, 2017.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.