It is almost always interesting how the wealthy and famous decide to distribute their fortunes after they pass away. The most interesting part is how often they make glaring mistakes that everyone should know to avoid. The biggest, and most common, mistake that they make is neglect. There are many examples.
Sonny Bono neglected to get a Will and his ex-wife ended up with part of his estate. Jimi Hendrix also neglected to get a Will and his estate eventually ended up with an adopted half-sister he never knew. Steig Larson neglected to get a Will as well, and his long time girlfriend was left with nothing. Even Princess Diana neglected to put everything in her Will and money she wanted to go to her children did not. Florence Griffith Joyner neglected to tell anyone where her Will was stored and it was not found until it was too late to Probate it. Heath Ledger neglected to update his Will to include his last born daughter.
The list goes on and on. Celebrities neglect their estates to their detriment. If you neglect your estate, you are doing the same thing. Make sure that you do not do that.
Stephen A. Mendel, Estate Planning Attorney
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