Nobody ever wants to discuss or plan for the day they die. But, let’s face the facts, all of us come into this world and leave this world the same way. All of us are equally as vulnerable as the other. As they say, Nothing is certain but death and taxes. None of us can avoid either, but we can plan for them.
When a celebrity’s untimely death occurs it is all over the news, makes magazine covers and fans mourn. Paul Walker was the latest big name celebrity to die before his time. He died tragically in a car accident and left behind a 15-year-old daughter. Additionally, Mr. Walker never sat down with an Estate Planning Attorney. He died without an Estate Plan to care for his daughter and leave his property and financials to his descendants.
What lies ahead for the Walker Estate is a lengthy, emotional, tabloid-ridden, drawn out court battle amongst Walker’s parents, girlfriend and the mother of his daughter. Sad really, that his death will soon be forgotten and people will be concerned with the property he left behind.
Not all of us will be fortunate enough to have an elaborate estate worth millions of dollars to pass to our descendants. But money is only a part of your Estate Plan. Paul Walker never named a guardian for his minor daughter. He also likely lacked the very basics of an Estate Plan: a Power of Attorney, Living Will, and Health Care Power of Attorney.
Read more about the Paul Walker’s Estate here.
If you have never sat down and created an Estate Plan, now is the best time. It is never too early to start planning for your family and their future after you are gone.
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