A Will or more comprehensive revocable trust-based estate plan, documents who gets what (and when) after you die. Without a Will or estate plan in place, the state decides how to distribute your belongings. In many cases, your assets may end up in the hands of complete strangers. That’s exactly what happened to these three mega-celebrities:
1. James Dean. Dean died intestate (without a will) in 1955 at the age of 24. State law awarded most of his meager estate (he had only made three movies) to his father – now most of that is in the hands of his father’s relatives.
His father did use some of that money to create a foundation to maximize the commercial value of his name, likeliness, and image. Ironically, Dean has consistently been one of the top 10 highest earning deceased celebrities up until 2012. His income in 2015 alone was $8.5 million and he’s been deceased for over 60 years!
2. Jimi Hendrix. Legendary singer and guitarist Jimi Hendrix died intestate in 1970 at the age of 27. Like Dean, the state awarded most of his estate to his father who created a family trust.
By 2002, his father had grown trust to $80 million. Jimi’s father left the fortune to his adopted daughter. In turn, she created trusts for almost everyone in the family – except Jimi’s own brother Leon. Although he sued, he never got a dime of the estate now worth $175 million. Clearly there’s another story there.
3. Pablo Picasso. Famous painter Pablo Picasso died intestate in 1973 at the age of 91. Given his age, it’s surprising that he did not assign a beneficiary to his estate (which today would have been valued at nearly $200 million).
His heirs, including Paloma Picasso, battled in courts with everyone who wanted part of his fortune – including the French government who alleged that Picasso owed millions in back taxes. His children received the bulk of his estate in the end, but not without a great deal of heartache.
Despite the differences in age, the above celebrities left millions of dollars on the table and started an avalanche of lawsuits by those who wanted a piece of the pie. The takeaway? Do not follow in their footsteps!
Make Your Intentions Crystal Clear Through Your Estate Plan:
Regardless of whether you’re a famous actor, singer or painter – or a regular working Joe or Jane, you have the power to make sure that your family, friends, or organizations get what you want them to have. The process is simple – make your intentions crystal clear by creating your estate plan, which we refer to as a Family Legacy Protection Plan, properly drafted by an experienced estate planning attorney.
If you want to ensure that your family is cared for, please click here to schedule your complimentary Estate Planning Strategy Call with San Francisco’s premier estate planning attorney, Matthew J. Tuller.
