To a lot of people, the idea of leaving money in their will to a pet instead of their own family seems to be the remit of the eccentric and the wealthy. However, over the years, it is becoming a surprisingly common arrangement to ensure our furry family members are taken care of after we are gone.
In spite of his successful career and his fame, it was surprising to learn that Chadwick Boseman did not have a Last Will and Testament in place when he lost his battle with cancer in 2020. Court documents were filed, so that the late actor’s wife, Simone Ledmond, could be named administrator of his estate. But how was it possible that court documents listed the estate at $938,500, when Boseman's net worth was estimated at around $12 Million?
We lost talk show legend, Larry King, in January 2021. He had been star of our television screens for decades and had certainly led an interesting life. When he passed he left behind six ex-wives, with the seventh ex-wife pending, five children and a supposedly "secret" handwritten will.
Bob Ross was an artist whose television show, "The Joy of Painting" did indeed bring the joy of painting and creativity into our homes during the '80s and '90s. The artist remains more popular than ever today, thanks to a resurgence on social media via memes and ASMR content. However, after his death, there were many legal challenges to his legacy.
Famous comedienne, Joan Rivers, spent her life making millions making us laugh. After her unexpected death in 2014, many newspapers and media outlets began to speculate about the contents and distribution of her estate. However, Joan had known her last will and testament would become tabloid fodder and had taken steps to ensure her and her loved one's privacy was maintained.
It is perfectly reasonable that you would want your children to make their own way in the world. Many high profile people are choosing to disinherit their children now, rather than provide them with an inheritance they may or may not be able to handle. However, there are other reasons that people may choose to disinherit loved ones.
Carrie Fisher and her estate planning team created a proactive estate plan, which included an irrevocable living trust. The trust, however, was not funded. What went wrong and how was it rectified?
A last will and testament can help ensure that not only are your children properly cared for in the event of your death but also that their financial future is taken care of.
It’s never too early to start planning your estate. There are a few initiatives you can take now to begin the process. While larger estates may have different concerns than smaller ones, the key is to recognize that planning is the issue, not size!
Preparing your estate could be a difficult and confusing endeavour without the help of an attorney who can help you ensure that your will is as clear and unambiguous as possible.
