When clients decide to do a Living Trust or a Will, one of the questions they have to answer is who will be the executor or successor trustee?
For some, the answer is obvious. It might be a son or daughter. However, for many the question requires serious thought. One needs to consider not just who would be the best person (or bank or trust company) at the current time, but who will be the best when the trustee actually has to function. That may or may not be the same person or institution.
As a society driven by youth, and surrounded by ‘the rich and the famous,’ anti-aging miracle creams, and the ‘selfie’ phenomena, growing old has innately become a topic to be avoided. Quite simply, the prospect of death, wrinkles, and nursing homes is enough to keep just about anyone from planning for their last stages of life. However as psychological research regarding the deterioration of the human mind mounts, it becomes more and more vital that planning for the future begins before it’s too late. While it is well known that an aging brain puts us at a disadvantage, few people connect this with the decline in their ability to maintain their personal finances. The catch being that by the time this issue is brought to light, it is more often than not met with already developing problems.
Why does it seem like so many celebrities have issues with their Estate Planning?
The latest is B.B. King. The Estate of the late great blue’s legend is going to be paying some attorney’s fees. Obviously, when that happens, the beneficiaries of the Estate receive less.
King was the father to 15 children both natural and adopted. Eleven adult children survive. A group of them are alleging among other things that he had a more recent will than the one that has been tendered. They also allege that his business agent for 39 years should not be the executor of King’s Estate.
The children allege that the business manager moved more than one million dollars around; did not allow the family to see King during his final days; and caused him to have improper medical care. As one would expect, through his attorney all of these claims are denied!
In Tuesday, June 2, 2015’s Los Angeles Times, there was an article about the dispute between Robin Williams’ widow and his children. Mr. Williams passed on August 11, 2014. In reading the article by Veronica Rocha, it appears that his real estate and monies have been distributed, in accordance with the Estate Plan he had in place.
The dispute appears to center over personal items. Undoubtedly, some of the personal items are worth a lot of money. However, some probably are not worth all that much, but have sentimental value.
So, you are reading this for a reason. Something has made you to start thinking about estate planning or you would not have found your way to this Blog Post.
Here are some of the more common Estate Planning mistakes:
Estate Planning and Probate Attorney, Manhattan Beach Local, Sports Enthusiast