Leading Probate Lawyer Doug Newborn founder of Doug Newborn Law Firm, PLLC, in Tucson, AZ focuses on how even celebrities often make critical estate planning mistakes, urging everyone to learn from these errors. For more information please visit https://dougnewbornlawfirm.com
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When it comes to the rich and famous, one might think they would have their estate planning nailed down. In fact, like many U.S. citizens, they don't, according to estate planning attorney Doug Newborn.
For more information please visit https://dougnewbornlawfirm.com
He urges us to learn from the highly publicized mistakes of celebrities to ensure their estate planning doesn't go off the rails.
"Surprisingly, many die without leaving a Will, or the wording in their estate plan is vague and open to interpretation," said the founder of Doug Newborn Law Firm, PLLC. “These are, unfortunately, valuable lessons that we can learn from."
An incomplete estate plan or no Will can invite legal challenges and take years to conclude, at significant legal cost. This is not just a celebrity problem, though. A survey from USLegalWills.com reveals a startling reality - half of respondents aged 65 and over have a Will that is not current, and, shockingly, more than 60 percent of American citizens don't have a Will.
Doug Newborn pointed to blunders by celebrities and urged people to consider estate planning a priority today and not leave it to chance.
Sonny Bono (of Sonny and Cher), died without a Will. Dying intestate (with no Will) left his estate open to legal challenges, including a $1.6 million demand from his second wife, Cher, for unpaid alimony.
Prince also died without a Will. His $200 million estate took years to resolve, mainly because the IRS and the executor had to agree on the estate's value. Apparently, legal fees were close to topping $50 million.
Actor Heath Ledger, who died in 2008, failed to update his Will, leaving his daughter out of the estate. Fortunately, Ledger's parents and sisters reportedly gifted their shares of his estate to his daughter (but, unfortunately, such gifts are not common). The Wills of Michael Jackson, Marlon Brando, and James Brown have also drawn legal fire.
Doug Newborn added: "Estate planning is essential as it protects the individual's wealth and clarifies who should receive their assets. If Trusts are utilized, your estate plan can even control distributions of your assets over time (instead of all at once through a Will). Also, with a proper Will, the probate process takes months, not years, to complete.”
“Instead of risking your estate plan becoming a cautionary tale like those of the celebrities, consider consulting a professional attorney in estate planning. They can guide you through the process, discuss various strategies, explain the benefits of trusts, and help you make the best decisions for your unique circumstances.”
Failure to adopt Trusts could leave an estate open to estate taxes and assets in the wrong hands. Failing to update an estate plan can inadvertently leave children from previous relationships with nothing and a new partner with everything.
When Jim Morrison of The Doors died, he stipulated that his girlfriend receive everything. Three years later, she died, and the estate passed to her parents.
Doug Newborn concluded: "Taking these examples where celebrities failed should demonstrate that having a Will, Trust, or a comprehensive estate plan can help and reduce the risk of legal challenges. Creating an estate plan now is better than leaving everything to chance."
Source: http://RecommendedExperts.biz
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Organization: Doug Newborn Law Firm, PLLC
Address: 7315 N Oracle Rd Suite 230, Tucson, AZ 85704, United States
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Website: https://dougnewbornlawfirm.com
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