Estate Planning

The Need to Plan our Estates

By Hull and Hull LLP

I recently read an article named 'The Lessons of Famously Bad Estate Planning', authored by Steven Morelli. This article looks at disasters that have followed celebrities because of the absence of a properly planned Will.

Jimi Hendrix died without a Will which started a family war that would end up in court for more than 30 years.

Sonny Bono, an American record producer, singer, actor, and politician, died without a Will. It is mind blowing that someone so successful would not have a carefully planned Will. Of course, numerous people lined up to advance claims against his estate, which included Cher, and the inevitable love child. Sonny could have saved his widow and everyone else involved a lot of grief and aggravation if he had taken the time to do some simple estate planning.

For those of us who have taken the time to prepare our Wills, Mr. Morelli reminds us of the importance of updating our Will. For instance, Anna Nicole Smith died with a Will; however, her Will contained a provision which specifically excluded 'future children' from benefiting from her estate. This clause had the effect of leaving her entire estate to her now deceased son, and disinheriting her five month old daughter. A judge eventually fixed this estate mess, but it came at an unnecessary expense.

Mr. Morelli puts it perfectly: 'The essence of estate planning: control. Whether it involves celebrities maintaining their image for all posterity, or wealthy land-owners keeping their families' holdings intact, estate planning protects clients' control. Quite often people don't want to discuss estate planning because it involves their death. But clients should understand that it is essential to maintaining their family's stability and dignity.'

Thank you for reading,

Rick Bickhram
 

Full post as published by Toronto Estate Law Blog on June 17, 2010 (boomark / email).