Monday, September 26, 2022
Celebrities are not immune to the pitfalls of having outdated or nonexistent estate plans, and even if careful estate planning has taken place, changes in family circumstances or tax laws can have negative impacts.
This article takes a look at some famous mistakes made by famous people, including over simplistic wills (Jim Morrison), after-born children (Philip Seymore Hoffman), domicile (Heath Ledger), second families and decanting (David Bowie), and oral promises (Anna Nicole Smith.)
Ultimately, what all of these mistakes have in common is that they are preventable. Simple updates or revisions can make substantial differences for beneficiaries and it is important to take time to protect love ones with complete and updated estate plans.
For more information see Jessica Galligan Goldsmith, Shaina S. Kamen, Christiana M. Lazo, David J. Posner, and Bruce D. Steiner “Celebrity Estate Planning: Misfires of the Rich and Famous” ABA Probate & Property Magazine, September/October 2022.