Hollywood Highlights the Need for Estate Planning

Hollywood is constantly helpful for a terrific story about a cash dispute including somebody famous.

Actors, manufacturers, authors, and agents are permanently arguing about who gets what does it cost of the millions they make each year.

These stories rarely have any bearing to the average American’s life. Sometimes, nevertheless, a Hollywood story actually does strike home with the typical American, as when it comes to the current death of legendary RnB, jazz, and blues singer Etta James.

The legal fight relating to control over her financial resources that ensued in the last year of her life illustrates the requirement for even the typical individual to produce, and update, his/her estate plan. Etta James was a powerful force in the music world, yet lived a troubled life as do lots of musicians.

Convinced from an early age that her dad was the well-known swimming pool player Minnesota Fats, James spend a great part of her life looking for love and validation through music and, later, through drug abuse. James died just recently at the age of 73 after a lengthy battle with Leukemia that left her suffering from both dementia and Hepatitis. James performed a power of attorney back in 2008 that supposedly gave one of her children from a previous relationship control over her financial resources; however, her hubby of 42 years declared that Ms. James was already struggling with dementia when the file was signed, for that reason revoking it.

Of course, had the power of attorney not been signed so late in her illness, there may not have actually been any need to question its credibility. Updating San Diego estate planning files can be as important as producing them in the first location. When the popular author Michael Crichton died, he existing spouse was six months pregnant. Sadly, not only had Crichton failed to upgrade his Will to include the new child however had language in his existing Will that omitted any future kids. After a court battle between his adult daughter and his partner, the kid was awarded a part of the estate, but the cost– both mentally and economically– will be felt by all involved for several years to come.

The lesson here is clear. Take the time now to create or upgrade your estate plan. Be clear and concise. Talk to your estate planning attorney to guarantee that your loved ones do not wind up on the opposite sides of a courtroom when you die or end up being seriously ill.

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