You would think that with all their wealth, celebrities would do what they had to do to protect their estates and their loved ones. Unfortunately, several have not done this, and their families have suffered because of their inaction. Fortunately, we can learn from their situations, and here are three celebrity situations to that did not end well because they did not have an estate plan.
Three Past Celebrity Estate Plan Tragedies
1. Tom Carvel
Tom Carvel invented soft-serve ice cream and was a pioneer in franchising businesses. Carvel did create an estate plan, but he named seven co-personal representatives, all of whom had a financial interest in Carver’s estate. The fighting lasted years and cost millions, and Carver’s wife never saw a part of Carver’s estate.
Lesson learned: “Do not have too many cooks in the kitchen.” You sometimes have to make hard decisions. You may want to name personal representatives or trustees who do not have an interest in your estate. Another option is to name a single personal representative or trustee to administer your estate.
2. Jimi Hendrix
Jimi Hendrix died when he was 27 with no will, but a lot of family and business associates who were interested in his estate. An attorney administered his estate for decades, but after Hendrix’s father took control, a probate fight ensued in which no one won.
Lesson learned: Estate planning has a multi-generational effect, and that effect can be negative or positive. If you do not have an estate plan, a negative legacy is probable.
The most recent, and still current, estate situation. Prince had no will, and there is currently a lot of contention about who has a legal right to his estate. While we cannot yet know the final details, there seems to be little to no end in sight.
Lesson learned: Creating an estate plan protects your legacy.
These preventable disasters show what can happen if you do not take control of your property. Contact The Rains Law Firm or schedule a complimentary meeting to discuss how you can prevent repeating these mistakes.