Every couple of years we learn of a new example of a celebrity failing to take precautionary measures with regard to their estate plan and leaving their loved ones scrambling to figure out the process after the fact. Situations like this lead to costly court battles, family infighting, and confusion for years to come. It also sometimes leaves beneficiaries blocked from getting the support that was initially intended for them.
From the estate of James Gandolfini to Prince to Michael Jackson, Aretha Franklin, and more, some of the most common issues associated with celebrity failed estate plans can be seen. These examples highlight the need to review the existing documents in your estate plan and ensure that they still accomplish your wishes.
Some of the key issues to consider as you approach this review process include:
- Have you created and funded all trusts that you anticipated, whether revocable or irrevocable?
- Have all assets belonging to you been entitled correctly and do they have the right beneficiary designation forms when created?
- How does your will match any wealth transfer wishes?
- Are your business interests adequately covered?
- Do you have all necessary planning documents not just created, but signed and stored somewhere that necessary parties can get access to them quickly?
These questions can help you figure out the next steps to take when reviewing your estate plan and ensuring that your loved ones don’t have to go through the unfortunate expenses and time consuming situation of attempting to move through probate. For support with a clear Michigan estate plan, set up a time to consult with a trusted estate planning law firm today.