Preparing end of life wishes does not come easy for everyone. Individuals from all walks of life may feel as if they do not need to plan, do not want to plan or simply believe that they can put it off until a later time. However, if too much time goes by without estate planning, a person could pass without having made his or her wishes known.
Even celebrities can make mistakes when it comes to creating an estate plan. As most Michigan residents know, well-known musician Prince died without creating a will, and though his death occurred over a year ago, issues regarding the distribution of his estate are still running rampant. As a result, his $300 million estate remains in the hands of the court.
Even if individuals do plan, failing to update plans can also cause considerable issue. Another celebrity example given was the case of Heath Ledger. The actor died nearly a decade ago, and though he had created a will, he did not update his documents after the birth of his daughter. As a result, she was not mentioned when it come to whom would inherit the actor's estate. Though the situation was resolved among the family in the end, an updated plan could have helped avoid additional confusion and stress.
Celebrity issues with estate planning tend to be more heard of because their business often makes headlines. However, any Michigan resident could face complications with their estate if planning is not carried out or not completed correctly. Therefore, interested individuals may wish to discuss their needs and desires with estate planning attorneys to determine their next steps.
Source: nhregister.com, "CONNECTICUT MONEY: Even celebrities fail at estate planning", Eric Tashlein, June 24, 2017