Estate planning is a way to protect your properties in your absence or death, and makes sure that they are accorded or distributed according to your wishes. An estate plan must be accomplished properly and with the guidance of the right people to avoid tripping legal technicalities. Below are examples of celebrities whose estate planning efforts went wrong:
Heath Ledger
Ledger left his properties to his parents and sister but forgot to alter his will upon the birth of his daughter. This resulted to family fights that were readily feasted on by the media.
To avoid cases like this, you must remember to update your will every time an important event, such as death, divorce, birth of family members, and adoption, occurs.
Sonny Bono
Bono did not write a will before his death, leading to much confusion about the allocation of his properties.
This proves that creating a will is important and should not be delayed. Death can come unexpectedly, and while it may sound scary, you must prepare for it and be practical to prevent unnecessary conflict among family members who have claims to your estate.
Princess Diana
Before her untimely death, the Princess of Wales left a letter to her executors that expressed her wish to leave valuable personal possessions to her sons and her future grandchildren. The letter, however, turned out to be null due to legal technicalities.
When leaving property to your loved ones, make sure that your wishes are stated in a properly written will. This is to ensure that they will be carried out by your executors.
Every endeavor needs careful planning in order to be executed successfully. In a world guided by law, estate planning adds legitimacy to your wishes, and puts you in a better position to have them granted even in your absence.
JSK Associates helps its clients create estate plans. More information about estate planning is available in this website.