When Marvin Gaye died he left behind an incredible catalog of the music he had created, but also a mountain of debt he owed and back taxes as well. To further complicate matters, the Motown star and soul icon died without a will leaving his family without clear instruction on how his estate should be administrated, and a puzzle as to how to pay his debts.
Amy Winehouse died young, aged just 27. It was initially thought that her estate planning was in place with rumours that her will had been updated after her divorce from ex-husband Blake Fielder-Civil. Sadly it turned out that this was not the case.
In June, Professor Stephen Hawking’s estate struck a deal with the University Library in Cambridge and the Science Museum to receive some of his possessions in lieu of inheritance tax. Acquired items included his wheelchair, a pair of his glasses, scientific bets signed with a thumbprint, papers on theoretical physics and even his scripts from The Simpsons. How did this donation benefit the estate?
In spite of his successful career and his fame, it was surprising to learn that Chadwick Boseman did not have a Last Will and Testament in place when he lost his battle with cancer in 2020. Court documents were filed, so that the late actor’s wife, Simone Ledmond, could be named administrator of his estate. But how was it possible that court documents listed the estate at $938,500, when Boseman's net worth was estimated at around $12 Million?
Elizabeth Taylor structured her will as a revocable living trust, offering her and her beneficiaries privacy. This move prevented the details of her estate plan from becoming available to the public. However, this did not stop some of the details from seeping out.
Princess Diana’s last wishes were largely ignored by her family. The executors of her estate, her mother and her sister, successfully petitioned the probate court for a "variance" of the will. To this day their motivation is unclear and the changes to her wishes were kept secret. Could this have been avoided?
Most people don't see the legal opportunities available to them. How can you make things a little smoother and easier with your estate disbursement?
When creating or reviewing an estate plan, one thing people are encouraged to consider is the inclusion of a life insurance policy.
Many of our 2020 goals may have been derailed due to Covid-19. Estate planning is at least one thing we can have control over heading into 2021.
Many people don't know where to begin when it comes to developing their estate plan. It's never too early to begin planning. We've broken down the basic ABCs to help create a plan that will ensure your wishes are met.
