Famous People Who Failed To Properly Plan

It's almost impossible to overstate the importance of estate planning, regardless of the size of your estate and the stage of life you're in. A close second to the need to plan your estate is getting it done correctly, based on your individual circumstances.

You might think that those who are rich and famous would be way ahead of the curve when it comes to planning their estates properly, considering the resources and lawyers presumably available to them. Yet, there are plenty of celebrities and people of note who died with inadequate (or nonexistent) estate plans.

No Estate Plan

Sonny Bono
Photo Credit: IMDB.com

It's hard to imagine why some famous people left this world with no estate plan. A case-in-point involves former entertainer-turned-congressman Salvatore Phillip "Sonny" Bono. He died in a skiing accident in 1998, leaving no will or estate plan of any kind. His surviving wife had to petition the probate court to be appointed her deceased husband's administrator, seek court permission to continue various business ventures in which Sonny was involved, and settle multiple claims against the estate (including one from Sonny's more famous prior spouse, Cher). To make matters worse, a claim against the estate was brought by a purported extramarital child, which necessitated a DNA test from Sonny's body to determine whether he'd fathered the claimant (he had not).

Do-It-Yourself Disaster

Warren E. Burger
Photo Credit: Biography.com

We've all seen the ads for do-your-own legal documents, including wills and trusts. The law does not require that you hire an attorney to prepare your will, but even the highest ranking jurist of his time should have relied on estate planning experts to prepare his estate. Instead, U.S. Supreme Court Chief Justice Warren E. Burger, who died in 1995, apparently typed his own will (consisting of only 176 words), which contained several typographical errors. More importantly, he neglected to address several issues that a well-drafted will would typically include. His family paid over $450,000 in taxes and had to seek the probate court's permission to complete administrative tasks like selling real estate.

Heath Ledger
Photo Credit: IMDB.com

The Importance Of Updating Your Estate Plan

Sure, formulating and executing an estate plan is important, but it shouldn't be an "out of sight, out of mind" endeavor. It's equally important to periodically review your documents to be sure that they're up to date. The problems that can arise by failing to review and update your estate plan are evidenced by the estate of actor Heath Ledger. Although Ledger had prepared a will years before his death, there were several changes in his life that had transpired after the will had been written, not the least of which was his relationship with actress Michelle Williams and the birth of their daughter, Matilda Rose. His will left everything to his parents and sister, and failed to provide for his significant other and their daughter. Apparently his family eventually agreed to provide for Matilda Rose, but not without some family disharmony.

Florence Griffith Joyner
Photo Credit: Biography.com

The Importance Of Telling Someone Where The Documents Are Kept

An updated estate plan only works if the people responsible for carrying out your wishes know where to find these important documents. Olympic medalist Florence Griffith Joyner died at the young age of 38, but her husband claimed he couldn't locate her will, leading to a dispute between Mr. Joyner and Flo Jo's mother, who claimed the right to live in the Joyner house for the rest of her life.

Don't Fall Victim To One Of These Disasters!

As you can see, the importance of properly planning your estate cannot be overstated. Don't fall victim to one of these estate planning disasters; contact Abel Financial Strategies to set up an estate planning consultation today.

Be sure to follow all of Abel Financial Strategies' social media channels and subscribe to our blog!

Facebook

Twitter

LinkedIn

YouTube

Visit AWAbelFinancial.com fore more information.

Your complete source for personal financial planning.

A Certified Financial Planner ® in good standing that believes whole-heartedly in the Standards of the CFP ® program.

Abel Financial Strategies are not attorneys or accountants. If a need is discovered, we will refer you to attorneys or accountants in your area to work with or work closely with your attorney or accountant to resolve the need.

Securities offered through First Heartland Capital®, Inc. Member FINRA/SIPC   Advisory Services offered through First Heartland Consultants®, Inc.   (Abel Financial Strategies is not affiliated with First Heartland Capital®, Inc.)

Data sources: Economic: Based on data from U.S. Bureau of Labor Statistics (unemployment, inflation); U.S. Department of Commerce (GDP, corporate profits, retail sales, housing); S&P/Case-Shiller 20-City Composite Index (home prices); Institute for Supply Management (manufacturing/services). Performance: Based on data reported in WSJ Market Data Center (indexes) and Barron's (S&P 2014 total return); U.S. Treasury (Treasury yields); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI Cushing, OK); www.goldprices.org (spot gold/silver); Oanda/FX Street (currency exchange rates). All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. News items are based on reports from multiple commonly available international news sources (i.e. wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Past performance is no guarantee of future results. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the NASDAQ stock exchange. The Russell 2000 is a market-cap weighted index composed of 2000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. The U.S. Dollar Index is a geometrically weighted index of the value of the U.S. dollar relative to six foreign currencies. Market indices listed are unmanaged and are not available for direct investment. Securities offered through First Heartland Capital® , Inc. Member FINRA/SIP