While everyday people may often fail to have their affairs in order when they die, one would think that celebrities would not make the same mistake. After all, stars have both money and easy access to knowledgeable professionals, such as John Branca Attorney. One would expect that they would have everything in place and up-to-date. In reality, this isn’t always the case. Consider these mistakes, which could have been avoided.
Forgot to Draft a Will
The entertainer Prince died at the age of 57, and because he may not have expected such an early death, he was unprepared. Sadly, this mistake will cost Prince’s eventual heirs both time and money.
John Branca Attorney was interviewed on this subject, and he explained that one of the problems that resulted from this situation was that a bank was appointed to run the estate rather than someone familiar with the entertainment industry. This is not only bad for business, but it also adds delays and costs money.
Failed To Take Estate Growth Into Account
Since entertainer Whitney Houston had a will, she was one step ahead of Prince. However, her affairs were not in order because she never revised her will as her estate grew.
When Houston drafted the will, she specified that her daughter Bobbi Kristina Brown would receive 10% of the money on her 21st birthday and the remaining money in later years. What Houston may not have considered was how much 10% would be at the time of her death. With an estate worth $20 million, Bobbi received 2 million dollars when she turned 21. Receiving so much money while still so young can be overwhelming for some people, and in this case, Bobbi died from drugs and drowning only a few years after her mom.
Forgot to Tell People Where To Find the Will
Runner an Olympic Gold medal winner, sadly died at the age of 38. While she had a will drawn up, she failed to inform anyone where it was being kept. In the absence of the actual will, her potential heirs were left to battle it out for four years before things were finally settled.
It’s important to be proactive and have an up-to-date will in place when you die. With celebrities, the stakes are usually higher because they have business estates and large net worths that are at stake. While public figures have clearly made their own mistakes in this area, you can learn from their mistakes and get your affairs in order before it’s too late.