The untimely passing of Hollywood actor Paul Walker in late November 2013 left a significant impact on the entertainment industry, especially among those he worked with in the Fast and the Furious movie franchise. It also posed some issues with passing down his estate to his family, according to Forbes contributors Andy and Danielle Mayoras. Both authors noted some cues are worth accounting for when preparing your estate.
Nobody can’t deny that mistakes in estate disposition can plant the seeds of a civil war in the family long after a loved one is gone. Consider enlisting the services of a reputable Salem law firm such as The Law Office of Matthew T. Schotmiller, PLLC in your estate planning.
“I So Will That…”
Salem attorneys can never emphasize enough the value of writing down a last will and testament. Discussions with your lawyer will flesh out provisions on how your estate will be apportioned and whether to name legal guardians for any minor children you have. Naming a guardian early on may be critical if the child’s surviving parent is somehow incapable of raising him or her; in Walker’s case, he nominated his own mother, Cheryl Ann, to look after his daughter Meadow, instead of the child’s birth mother Rebecca Soteros.
A good way to firm up your estate is to start putting together all relevant materials, which may be later parceled out under a possible executor. These will include details of all your holdings, such as your current properties, bank deposits, and even any corporate interests like stocks, against which the total net worth will be estimated. Don’t forget to update your estate’s asset listings, especially in case your net worth increased in the years since.
Living trusts are other components of the estate planning process that are actually effective in the long run. You can have all your assets covered under the trust that you set up, but must be continually supplanted as long as you’re still alive and earning an income. Some legal specialists state that putting everything under a trust keeps their details under wraps and will help avoid disposition by probate court.
You don’t want to see loved ones undergo hard times when the time comes. When you have a knowledgeable legal consultant like Atty. Schottmiller by your side, you can muster the willpower and courage to give your loved ones the peace of mind they deserve. Consult your lawyer today to get started.
(Source: Five Estate Planning Lessons from The Paul Walker Estate, Forbes)