Celebrity deaths – will mistakes to avoid

In recent years, many beloved celebrities, young and old, have passed on.  Their talent and impact on the world will be remembered forever.

What you also need to remember is to avoid the mistakes and learn the lessons from some of our favourite celebrities estate planning (or lack of!).

1.  Write a will!  Musician Prince died unexpectedly and with a huge personal fortune.  Whilst he wrote amazing music, he never wrote a will….  This has resulted in legal battles and a prolonged probate, with the courts deciding who got the cash.  He may have other plans for his wealth but unfortunately without a will, the law decides.
2. You can write a will from 18 years old.  It is never too soon to start planning your will but only 30% of 35-44 year olds have written a testament.  Actor Paul Walker died aged 40 in a tragic car accident.  Fortunately, he wrote a will at the age of 28 ensuring his daughter was provided for.
3. Clear intentions.  If you are going to write a will, take time to consider the gifts you will make.  Where you can, be specific.  Actress and philanthropist Audrey Hepburn desired her personal items be split equally between her sons.  However, these items rose significantly in value and after her death in 1993, it took another 22 years for the sons to reach an amicable agreement – at a huge legal cost!
4. Not just assets.  If you have specific wishes about your funeral or wake or religious preferences, these also need to be in your will.  Your executors should also be informed so they can begin planning as soon as you die, in case there is a delay in the reading of your will or your beliefs require immediate action.  Boxing legend Muhammad Ali requested a festival, multi day celebrations and a public memorial in his will.

If you have concerns or queries about your wishes, contact us today to assist with your will planning, before its too late!