Estate planning is not just for average Joes but Oscar Winners as well. Many lessons can be learned by analyzing the estate planning methods of celebrities. Five Oscar Winners provide helpful insight into important estate planning tips:
- Phillip Seymour Hoffman – Be Creative with your will or trust; Despite popular belief, wills and trusts don’t only pass on your assets and finances. You can also pass your goals, values, and morals through your trust and will. Philip Seymour Hoffman included wishes that his son is to be raised in Chicago, San Francisco, or Manhattan because he wishes him to be exposed to the culture, arts, and architectures of those cities. He explained that if raising him in these cities is impossible, a bi-annual visit will suffice.
- Elizabeth Taylor – The Right and Wrong Way to Use a Trust; Despite popular belief, there was no family turmoil with Elizabeth Taylor’s estate. Many expected there to be copies of her will on the Internet, court battles, and probate filing. Elizabeth Taylor’s trust remains private for only her family members to know about.
- Heath Ledger – Update your Wills & Trusts; Health Ledger failed to update his will after the birth of his daughter, Matilda Rose. His sudden passing caused a family war and almost lead to a court battle. Ledger’s lack of planning may have cost Matilda’s financial security if it wasn’t for a unanimous decision that everything goes to Matilda.
- Frank Sinatra – Don’t forget to plan ahead; Multiple marriages often cause family wars but Frank Sinatra planned ahead, unlike most people. He included a no contest clause so that if any of his family members were to go to court they would be disinherited completely.
- Marlon Brando – Verbal Promises aren’t Law; Many people assume verbal promises will hold up in court after their loved one’s sudden passing but they often do not. There were more than two dozen lawsuits after Brando’s death from people whom he had promised things to.
Gaudy Law is available to help you write up the terms of your will or trust. Contact us today and speak with one of our skilled representatives who will treat you fairly with your best interests in mind.
