Another actor did it wrong. Do you have your plans in place?

Julie Garber, in her weekly blog, wrote about another person who did it wrong.  When actor Paul Walker died in a terrible car crash on November 30th, 2013, he left an estate estimated to be worth at least $45 million.  However, he had done no estate planning and left no will.  He was only 40 years old and probably thought he had plenty of time to get his affairs in order.  His parents, ex-wife and girl friend of seven years are now fighting over who should inherit.

According to California intestate laws, the entire estate should be inherited by his daughter, Meadow.  Since she is only 15, someone needs to be responsible for managing to estate until she turns 18.  Her mother is her guardian but is not necessarily the one who will control the money on her behalf.  Since her parents believe they should manage the estate, the case will have to go to probate court.

And what about his long term girlfriend, Jasmine?  She won’t see a penny.

Have you done estate planning?  Is all of your paperwork in order?  Or are you, like Paul Walker, leaving a mess for  your loved ones?

For more information about estate planning, go to www.diesmart.com.

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