Hollywood Highlights the Need for Estate Planning
Hollywood is always good for a great story about a money dispute involving someone
famous. Actors, producers, authors, and agents are forever arguing about who gets how
much of the millions they make each year. These stories rarely have any bearing to the
average American’s life. Occasionally, however, a Hollywood story actually does hit
home with the average American, as in the case of the recent death of legendary R&B,
jazz, and blues singer Etta James. The legal battle regarding control over her finances that
ensued in the final year of her life illustrates the need for even the average person to
create, and update, his or her estate plan.
Etta James was a powerful force in the music world, yet lived a troubled life as do many
musicians. Convinced from an early age that her father was the famous pool player
Minnesota Fats, James spend a good portion of her life seeking love and validation
through music and, later, through drug abuse. James died recently at the age of 73 after a
lengthy battle with Leukemia that left her suffering from both dementia and Hepatitis.
James executed a power of attorney back in 2008 that purportedly gave one of her sons
from a previous relationship control over her finances; however, her husband of 42 years
claimed that Ms. James was already suffering from dementia when the document was
signed, therefore invalidating it. Of course, had the power of attorney not been signed so
late in her illness, there may not have been any reason to question its validity.
Updating estate planning documents can be as important as creating them in the first
place. When the famous author Michael Crichton died, he current wife was six months
pregnant. Unfortunately, not only had Crichton failed to update his Will to include the
new child but had language in his existing Will that excluded any future children. After a
court battle between his adult daughter and his wife, the child was awarded a portion of
the estate, but the cost -- both emotionally and financially -- will be felt by all involved
for years to come.
The lesson here is clear. Take the time now to create or update your estate plan. Be clear
and concise. Consult with your estate planning attorney to ensure that your loved ones
don’t end up on the opposite sides of a courtroom when you die or become seriously ill.
Experienced estate planning attorneys Portland OR of the Law Offices of Richard B.
Schneider LLC offers estate planning and business planning resources to residents of
Portland OR. To learn more about these free resources, please visit
http://www.rbsllc.com today.