10 Celebrity Estate Planning Mistakes

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Just like regular folks, celebrities flub their estate planning, costing their intended heirs money and/or grief. What’s different? Bigger dollar amounts and notoriety, mostly. A new book, Trial & Heirs, by probate litigator Andrew W. Mayoras and his estate lawyer wife, Danielle B. Mayoras, uses celebrity cliffhanger cases to dish out real-life advice.

The mistakes celebrities have made run the gamut, from never writing a will (music legend Jimi Hendrix) to relying on a “letter of wishes” to give away belongings (Princess Di). So read on, and learn from their mistakes.

Celebrity: Jimi Hendrix

1125_jimi-hendrix_280x340Mistake: Never writing a will.

Story: Music legend Jimi Hendrix died at age 27 in 1970 without a will. Under state law, his dad, Al, got everything, leaving his close brother Leon with nothing. Al built Hendrix’s musical legacy into an $80 million venture, but in his own will cut out Leon and his family, in favor of his adopted daughter through a later marriage.

Lesson: Even young rock stars aren’t immortal. Sign a will or living trust document.

READ FULL ARTICLE: http://www.forbes.com/2009/11/24/princess-di-heath-ledger-brando-personal-finance-investment-guide-2-09-celebrity-estate-mistakes_slide.html

 

Certified Trust and Estate Planner (CTEP™)

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The Chartered Trust and Estate Planner (CTEP) Program is an International Certification Course focused on Estate and Trust Planning in Philippine context which forms a very important subset of Personal Finance, Financial Planning, Wealth Planning or Wealth Management. The program allows the participants to develop skills in wealth transfer, succession planning, family wealth preservation advisory skills.

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Benefits of the CTEP™ Credentials and Designations

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