10 Celebrities Who Made Terrible Mistakes When Planning Their Estate http://www.businessinsider.com/celebrity-estate-mistakes-2010-12?slop=1
10 Celebrities Who Made Terrible Mistakes When Planning Their Estate
Leah Goldman | Dec. 7, 2010, 5:01 PM | 12,558 | 4
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Estate planning is a daunting task for anyone, but you'd think world-famous celebrities could shell out for a decent estate lawyer.
Unfortunately many don't, leaving a legacy of family feuds, court cases and improper distribution of income.
Danielle and Andy Mayoras' new book Trial and Heirs : Famous Fortune Fights chronicles this pandemic among celebrities. Along the way, pick up some tips on planning your own estate.
Jimi Hendrix
Critical error: doing nothing If you do not plan your own estate while alive, you could end up like Jimi Hendrix and have someone that you barely knew controlling your legacy. Hendrix's estate remained in court for over 30 years after he died.
Source: Trial and Heirs : Famous Fortune Fights
Image: clausule via wikimedia commons
Justice Warren Burger
1 of 6 12/9/2010 11:46 AM 10 Celebrities Who Made Terrible Mistakes When Planning Their Estate http://www.businessinsider.com/celebrity-estate-mistakes-2010-12?slop=1
Critical error: doing it yourself Former Supreme Court Justice Warren Burger created his own will with 176 words but he left out key provisions and his family paid the price.
Source: Trial and Heirs : Famous Fortune Fights
Image: AP Images
Heath Ledger
Critical Error: not updating Heath Ledger never updated his will with the birth of his daughter, leading to chaos and family members fighting through the press.
Source: Trial and Heirs : Famous Fortune Fights
Image: Wikipedia
Princess Diana
Critical error: taking shortcuts Princess Diana used a "letter of wishes" leaving personal items to her godchildren instead of specifying her wishes in a will or trust.
Source: Trial and Heirs : Famous Fortune Fights
Image: Wikimedia Commons
Florence Griffith-Joyner (Flo Jo)
2 of 6 12/9/2010 11:46 AM 10 Celebrities Who Made Terrible Mistakes When Planning Their Estate http://www.businessinsider.com/celebrity-estate-mistakes-2010-12?slop=1
Critical error: forgetting to tell loved ones where their estate documents are located Olympian Flo Jo's original will couldn't be located and her probate estate took over 4 years to close.
Source: Trial and Heirs : Famous Fortune Fights
Image: Wikimedia Commons
Michael Jackson
Critical error: failing to finish what you started Michael Jackson created a trust, but never fully funded it, defeating a primary purpose of having a trust. This led to public family fights in probate court.
Source: Trial and Heirs : Famous Fortune Fights
Marlon Brando
Critical error: making verbal promises Marlon Brando's housekeeper said Brando made oral promises of a home and continued employment which led to two separate lawsuits after Brando's death.
Source: Trial and Heirs : Famous Fortune Fights
Image: Wikimedia Commons
Sonny Bono
3 of 6 12/9/2010 11:46 AM 10 Celebrities Who Made Terrible Mistakes When Planning Their Estate http://www.businessinsider.com/celebrity-estate-mistakes-2010-12?slop=1
Critical error: procrastinating Sonny Bono passed away at the age of 62 without a will in place. This lead to many complications, including a secret love child who surfaced and wanted part of Bono's estate.
Source: Trial and Heirs : Famous Fortune Fights
Image: Wikimedia Commons
John Houston (Whitney Houston's father)
Critical error: leaving your intent unclear Whitney Houston's father, John, named Whitney as a beneficiary on a large life insurance policy, but it was unclear if he wanted Whitney to keep the money or to repay money owed to her step-mother. This confusion led to a two-year court battle which is ongoing.
Source: Trial and Heirs : Famous Fortune Fights
Image: MTV UK
Doris Duke
Critical error: choosing an untrustworthy executor or trustee Doris Duke chose an unsavory trustee - her butler - to manager her one billion dollar foundation. When he used assets for himself, it lead to an expensive fight in court that cost the charities Duke wanted to benefit.
Source: Trial and Heirs : Famous Fortune Fights
Image: Wikimedia Commons
Now check out some celebrities with another problem...
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The 10 Celebrities With The Worst Tax Problems >
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Leah Goldman is the List and Rankings Editor at Business Insider Recent Posts Contact: Submit Nominations For The ... e-mail: [email protected] Richard Bernstein's 11 Pred... AIM: LeahGGoldman Subscribe to her twitter feed HOUSE OF THE DAY: Spend Chr...
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LOL GOPers fail yet again on Dec 7, 7:53 PM said: 0 0 2 GOPer pols screw things up being cheap/lazy. par for the course. Flag as Offensive
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Chicago Style Politics on Dec 7, 10:45 PM said: 0 0 "Marlon Brando's housekeeper said Brando made oral promises of a home and continued employment which led to two separate Flag as Offensive lawsuits after Brando's death."
Hahahaha...this is a critical error on Marlon's part, making unsubstantiated verbal promises?
Just wait till your future kids find out the verbal promises you made to me when you pass away, dumbass.
Actually, you can make good on those promises now and spare our kids a lot of pain, rawr, winky winky.
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The house keeper may be credible on Dec 7, 11:29 PM said: 1 0 @Chicago Style Politics : You on the other hand are a known douche. No one would believe you for a second. Flag as Offensive
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Charles on Dec 8, 12:19 AM said: 0 0 Having trouble finding the gravestone for the better-known rock musician, James M. Hendrix, 1942-1970? Flag as Offensive
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6 of 6 12/9/2010 11:46 AM