May 4, 2016

Each time a celebrity passes away, we typically get the opportunity to learn from his or her mistakes. Read on to learn more about the four most common mistakes made by celebrities. It’s currently being reported that pop star Prince may have died without a will and this is one of the biggest estate planning problems. 

No Will

Most individuals want to have some say over how their assets are distributed after they pass away. So, it can even be more shocking realize that as many as 2/3rds of the adults do not have a simple will. Singer Amy Winehouse passed away without a will and left behind a $6.7 million estate.

Failing To Update Their Estate Plans

Having a trust or a will is an important first step as long as it reflects your current wishes. Learn from the estate of Michael Crichton for whom the 2007 will was never updated.

When he passed away, his  sixth wife was pregnant at the time but his will had language disinheriting future children.

Failing to Set Up a Trust

Without a private trust, the details of how you chose to pass things on can be visible to anyone. Whitney Houston’s estate was largely visible to the public as a result of this problem.

Forgetting to Plan

Some people are under the impression that  estate planning is only for handling your affairs after you pass away. There are also plenty of estate planning documents like a power of attorney to help you in the event that you become incapacitate while you are still alive.