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Celebrity estate planning errors have lessons for all

There are some common errors that people make with their estate plans. Even wealthy celebrities make mistakes with estate planning, and some of their stories offer good lessons about what Nevada residents should avoid doing.

Some testators make mistakes when they are preparing their wills. Florence Griffith Joyner had a will, but she failed to tell her loved ones where it was located. Since the document could not be found, her family members fought with each other in court for four years before finally reaching a settlement. Heath Ledger had a will as well, but it was prepared before his daughter was born and he failed to update it. When he died, his entire estate went to his siblings and his parents, and his daughter was accidentally disinherited.

Prince provides a more current example of what can happen when people fail to plan their estates completely. His estate is worth hundreds of millions, yet he had no will. His entire estate will consequently go to his five siblings even if he may have wanted some assets to go to others. Since he did not take steps to protect his estate, the federal government stands to receive millions of dollars in taxes, greatly reducing the value of his estate by the time it is closed.

Estate planning is important for people who want to protect and preserve their assets for future generations. It may be a good idea for people to visit with an attorney in order to determine the most appropriate types of documents for their family and financial situations. Those who have existing plans might want to have the attorney review them to see if any updates are warranted.

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