Don't Be Like Heath Ledger...Update Your Estate Plan
Surely celebrities take their estate planning seriously, don't they? Millions of dollars, easy access to legal advisers. Well, not Heath Ledger, who recently passed away from an accidental prescription drug overdose. Unfortunately, after executing his will in 2003 leaving his estate to his sister and parents, he failed to make any updates to his will after the birth of his child in 2005. When news of his will was made public in a New York filing, Heath's father was quick to note that they would take care of Heath's young daughter (Matilda Rose) and his ex-fiance.
However, recent reports confirm that if there is money involved and poor planning, legal battles will ensue. It is being reported out of Australia that Heath's uncles are now getting involved in a fight over the inheritance from Heath's estate. Apparently, brotherly love between Heath's father and Heath's uncles is strained as a result of some alleged improprieties by Heath's father concerning the mismanagement of Heath's grandfather's estate.
This is a simple reminder that it doesn't matter whether you're famous or not, your estate plan is important and should not be overlooked as part of your periodic life review. Especially as you marry or have young children, it becomes even more significant to get your plan updated and reviewed.
However, recent reports confirm that if there is money involved and poor planning, legal battles will ensue. It is being reported out of Australia that Heath's uncles are now getting involved in a fight over the inheritance from Heath's estate. Apparently, brotherly love between Heath's father and Heath's uncles is strained as a result of some alleged improprieties by Heath's father concerning the mismanagement of Heath's grandfather's estate.This is a simple reminder that it doesn't matter whether you're famous or not, your estate plan is important and should not be overlooked as part of your periodic life review. Especially as you marry or have young children, it becomes even more significant to get your plan updated and reviewed.
I'm always hopeful that when people see celebrity estate planning disasters that they'll realize how important this issue is and take action to ensure their own estate planning is adequate (and often existent in the first place!). However, I think most folks read these celebrity tales and assume that only the "rich and famous" need worry about these issues. How unfortunate. If people truly understood how much easier they could make life for their loved ones, especially during a grief-stricken time, I suspect estate planning would move up in priority.
Community property state like California protect spouses from disinheriting each other, but there is no protection for children. Nobody is lobbying for a forced share of the parents estate to provide for and protect children. What a shame for Heath's daughter.
While I am not glad that this situation happened at all, it serves as a good example to the rest of us. Without celebrities who attract reporters, this issue does not get covered at all.
No newspaper would be interested in learning of the people I know first hand that have done the same thing to their families. Consequently, none of their stories get repeated to the world.
Great post and great blog.
Stephen