Lessons From Celebrity Estate Planning Mistakes, Part 1 of 2
A recent issue of Forbes examined the mistakes many celebrities have made in their estate plans (or lack thereof) that caused plenty of pain and suffering for their families and their estates. Here is the list of those celebrity mistakes and what we can learn from them:
Sonny Bono - Bono died unexpectedly of a skiing accident and had no will when he died, as well as a child he fathered out of wedlock who stepped forward to claim a part of the estate. Creating a will is important at any age since none of us knows when we will die.
Jimi Hendrix - Hendrix intended for his estate to go to his brother, but he never made a will. When he died at 26, his estate was divided between his father and adopted daughter according to state intestacy laws.
Stieg Larsson - Larsson never got to see the riches his Girl With the Dragon Tattoo and subsequent novels brought, and neither did his girlfriend of 32 yeas since he never made a will naming her as a beneficiary. His entire estate was divided between his father and brother.
Princess Diana - While she did indicate that she wished to leave 100,000 pounds each to her sons and her godchildren upon her death, she did not execute the formal estate planning documents to do so. When she died tragically at the age of 36 in a car accident, her wishes were not honored because they were never formalized.
The Flanigan Law Group provides Southern California residents with personal attention for estate planning, administration and litigation legal services. When disputes between families, arise, they are very successful in resolving legal estate issues quickly and efficiently while preserving financial and emotional resources. Contact the Flanigan Law Group at 949-450-0042.