Readers in Texas have heard many times that estate planning is important. It is well known that by creating a plan that is complete and reviewed periodically, issues such as uncertainty or battles over assets are less likely to occur after a person dies. What many are not aware of is that celebrities also have estate planning concerns, just like those of us without fame and fortune.
For example, in the case of Marilyn Monroe, estate planning documents were made that left her estate to her longtime manager, Lee Strasberg. When he died, the Monroe fortune was left to his third wife. This woman had never even met the star.
Another case where estate planning may have been helpful was the death of quarterback Steve McNair. Though he was shot by a girlfriend, the football player left a wife, children and a mother that he supported financially. Because of the lack of a will or trust, the assets of McNair were subject to state laws. This resulted in actions such as the removal of his mother from the home that he had purchased before his death.
Estate planning can be a benefit for everyone in Texas, regardless of fame and wealth. With a completed effort, hers can be assured that they know the wishes of their loved one and that assets will be distributed according to those. Because some may find it to be stressful to begin the estate planning process, it may do well to research the available options and consider how they apply to a person’s specific needs before beginning an estate plan.
Source: Fox Business, “Monumental Estate Planning Blunders of 5 Celebrities,” June 6, 2013