Estate Planning

Celebrities Die Just Like the Rest of Us.

By Jennifer Sawday

Three very notable celebrities have died. Ed McMahon, Farrah Fawcett and now Michael Jackson. Each had families. Each had loved ones. Each had assets. And each had potential contestants to their estate. Did each have an estate plan in place that was updated and reflected their wishes?

Time will soon find out. The media will report if their estate administration turns out to be a mess like Anna Nicole Smith's was.

Ed was survived by his wife so his estate is likely to be less burdensome whether he had an estate plan in place or not. A surviving spouse generally has an easier time on formal estate administration than children or other loved ones.

If you are not married like Farrah or Michael were -- having an estate plan in place is very important especially if you want to provide for your partner or other loved one despite not being married.  Both Farrah and Michael had children that should be provided for. And Michael is survived by three young children. The mother of two of the children relinquished her parental rights so their guardianship and care may very well wind up being a contested matter.

You need to outline your wishes for disposition of your assets, nominate a successor trustee or executor to handle your affairs and otherwise make your wishes known.  Where there are minor children in place, it is very important to nominate guardians and have a trust in place in the event of your passing.

It simply does not matter who you are. An estate plan carefully drafted and funded in conjunction with your professional advisors, such as your attorney, accountant and financial advisors, is important. Important for everyone including celebrities.

May Ed, Farrah and Michael RIP.

Full post as published by Estate Planning Practice Blog on June 25, 2009 (boomark / email).