With all the wealth accumulated by the rich and famous, one would assume that celebrities would take steps to protect their estates once they pass on. But think again: Some of the world’s richest and most famous people have passed away without a Will or a Trust, while others have made mistakes that tied their fortunes and heirs up for years in court. Let’s take a look at three high-profile celebrity probate disasters and discover what lessons we can learn from them.
As the man who invented soft-serve ice cream and established the first franchise business in America, Tom Carvel had a net worth of up to $200 million when he passed away in 1990. He did have a Will and accompanying Trust that provided for his widow, family members and donations for several charities, but he also named seven Executors, all of whom had a financial stake in the game. The Executors began a round of infighting that lasted for years and cost millions. In the end, Carvel’s widow passed away before the disputes could be settled, essentially seeing none of the money.
Lesson learned: “Too many cooks spoil the broth.” Your Trustee and Executor may have to make tough decisions. Consider naming Executors and Trustees who have no financial interest in your estate to reduce the risk of favoritism. Also, consider have only a single Trustee and Executor rather than a committee.
Passing away tragically at age 27, rock guitarist Jimi Hendrix left no Will when he died. What he did leave behind was a long line of relatives, music industry bigwigs, and business associates who had an interest in what would become of his estate - both what he left behind, and what his intellectual property would continue to earn. An attorney managed the estate for the first two decades after Jimi’s death, after which Jimi’s father Al Hendrix successfully sued for control of the estate. But when Al attempted to leave the entire estate to his adopted daughter upon his passing, Jimi’s brother, Leon Hendrix, sued, launching a messy probate battle that left no clear winners.
Lesson learned: When you don’t leave a Will or Trust, the effects can last for generations. An experienced estate planning attorney can help put your wishes in writing so they are carried out after your death rather than opening a door to costly conflict.
The court battle currently in preparation over Prince’s estate is a celebrity probate disaster in action. When the 80’s pop icon died in early 2016, he left no Will, reportedly due to some previous legal battles that left him with a distrust of legal professionals in general. The lines are already being drawn for what will likely be a costly and lengthy court battle among Prince’s heirs. Sadly, there’s even a battle looming about determining, for certain, who his heirs actually are.
Lesson learned: Correct legal documentation protects your legacy. Don’t let a general distrust or a bad experience cause your heirs to fight and potentially lose their inheritance.
These celebrity probate disasters serve as stark reminders that no one’s wealth is exempt from the legal trouble that can occur without proper estate planning. As always, we are here to help you protect your family and legacy. Give Goosmann Law Firm a call today.