If you are a regular reader of this blog, then you might be tired of hearing that you need to change your estate plan when your life circumstances change. We have talked about it over and over again. The reason that it has to be talked about so often is that so many people do not listen. Another example of this has been in the news lately. Like most examples it is a sad story of an estate gone awry that did not have to.
Sir Peter Ustinov was a fabulous actor and director. He died a multi-millionaire. Ustinov probably thought that he had a valid Will as he created one in 1968. However, he was remarried after creating that Will. Swiss judges ruled that the remarriage invalidated the Will and thus Ustinov died intestate. The unfortunate thing is that this has caused a 9 year battle between his wife and his children of a previous marriage over the estate. It is believed that the battle has gone on so long that there is nothing left in the estate. Ustinov’s entire fortune has probably been depleted to pay for lawyers to argue over those very millions.
It truly cannot be said often enough: You need to update you estate plan regularly and you certainly need to update when something important in your life changes. Do not make the same mistake that Sir Peter Ustinov made. Take a look at your estate plan and make sure it is up to date.