Tuesday, November 27, 2012

Celebrity Estate Planning goes awry Pt. 3

Whether famous or just regular folks, we are reminded by the following anecdote that a few extra steps in your estate planning will deliver on your intentions.


Doris Duke

The tobacco heiress died with a fortune estimated to be worth $1.3 billion and thus making her the "world's richest woman" of the time.  Her will included leaving a sizable sum to a charitable foundation.  Per the terms of her will, her butler was named as the executor of the estate as well as the trustee of the foundation. Unfortunately the butler’s spending proved so questionable that he was removed by a probate judge........ only to be reinstated by a higher court. Finally, a settlement led to a board of trustees managing the foundation.

Here's a lesson: Be careful of who you pick as executor, trustee, or guardian. Even your closest friend or family member may not be the most competent administrator. For a large trust, you may want a corporate trustee to at least handle the financial and administrative tasks. For any estate, you may want to be selective in your choice, because you are depending on them to act in your behalf after you've gone.

Call me, so we can work together to avoid your your butler becoming your executor.

Wednesday, November 14, 2012

Celebrity Estate Planning goes awry Pt. 2

Whether famous or just regular folks, we are reminded by the following anecdote that a few extra steps in your estate planning will deliver on your intentions.

Jimi Hendrix

The guitar legend passed away at age 27 without a will. Although he was very close to his brother, state law awarded everything to his father, who later left everything to an adopted daughter from a later marriage, leaving Hendrix's brother with absolutely nothing.


Jimi offers us a reminder: It’s never too early to plan your estate even if you’re young and single. Dying without a will is a formula for angst and anguish for those left behind. 


I encourage you to now travel in the footsteps of Jimi Hendrix, give me a call today, and I'll help you to get a will done.