Celebrity Will Mistakes
Mar 06, 2018
So you would think that celebrities have all made a Will of some sort or another right? Many high profile celebrities are surrounded by advisers so you would hope that with all their assets and sources of income they would have planned for the future. Not the case I'm afraid. Dying without a Will is all too common whether you are famous or not. Famous individuals who have died without a will, include Abraham Lincoln, Prince, Sonny Bono, Jimi Hendrix and Pablo Picasso, to name but a few. Even those who have made Wills have made some terrible mistakes, for example, Barry White died having never divorced his estranged wife, who inherited everything and his live in girlfriend of many years inherited nothing. Poor planning can also lead to desperate situations, especially regarding taxes. Many people don't realise the large amounts of tax payable, especially when the estate left is of significant worth. Good planning in advance can minimise the tax liabilities, and also ease the stress and heartache for those left behind. Another problem with high profile deaths is that they often have valuable personal items. This can include sports trophies, awards, and many other items. It's not uncommon for people to assume that they will receive a specific item after death as they were promised by word of mouth. However, gifts of this nature should always be outlined in the Will to avoid any confusion or disputes when the time comes. We can certainly learn from the mistakes of the rich and famous, even if we don't have as many assets or high value personal items making up our estate. Simply by making our will clear and easy to understand by the Executors we can avoid any potential problems and unnecessary confusion in the future. Why don;t you take the time now to look at your Will and see if there could be any confusing aspects that may need addressing or perhaps your Will no longer reflects your current wishes. Don't leave it to chance, leave it to your loved ones.