Do you ever get starstruck when catching a glimpse of your favorite celebrity? Like “Oh my god they’re real!” They are, in fact, real (though who knows when artificial intelligence will take over Hollywood), which means they’re capable of making dumb mistakes just like we are.
This comes to life in even more ways than you might realize, especially when it comes to estate planning. You’d think all that fame and money could buy some good advice, but it turns out a number of celebrities never made time for estate planning. Let’s explore some of those mistakes and see if we can learn a thing or two.
Aaron’s Party Ends Without an Estate Plan
Aaron Carter lived his life as a pop icon and recovering child star. His hit songs “I Want Candy” and “Aaron’s Party” were stuck in the heads of teenagers in the early 2000s – but his life tragically ended in November 2022.
Shortly after his death, news broke that Carter died without an estate plan. Any desire he had to leave his remaining wealth and assets to his lone child is then left in the hands of the state.
Dying without a will or trust means probate courts assume control of a decedent’s estate and sort through the assets and liabilities. Establishing a will still means those assets go through the probate process, but there is at least a legally-established document providing a roadmap to the deceased’s wishes.
A number of other famous celebrities have reportedly died without a will including Coolio, Amy Winehouse, Bob Marley, and even Prince (seems like we can’t assume that writing a will is as easy as writing a song).
Breakfast at Tiffany’s Leaves a Bad Taste
One of the world’s most famous actresses passed away in 1993 but this story doesn’t quite go the way Carter and other musicians named above went. Audrey Hepburn had an estate plan – just not a very thorough one.
The “Breakfast at Tiffany’s” star outlined in her estate plan that her two sons would split the contents of a storage locker packed with valuable items from her life and career. The problem is the two of them couldn’t agree on what a fair split of those contents looked like.
If your estate plan isn’t specific and thorough you expose your loved ones to a potential feud. In this case, the feud lasted for over two decades and resulted in a long court battle. A judge ultimately decided how to divide the assets between the Hepburn estate heirs.
Be a Golden Girl and Establish an Effective Estate Plan
Want to be like smart celebrities? Establish a thorough and effective estate plan that takes care of your legacy. Legendary Golden Girl Betty White made time for a comprehensive estate plan that teaches us a number of lessons about estate planning.
First of all, the details of her estate are private and we only know certain details because of anonymous sources. Second, her massive estate made room to continue her charitable efforts in death – leaving money to only be donated to causes she cared about.
Our team can’t make you famous, but we can help you do exactly as Betty did. We need more Bettys in the world. Contact Dawn King Law Group for effective estate planning that reaches your biggest goals.