Celebrity estate disputes are highly publicized. We have seen it with Anna Nicole Smith, Jerry Garcia and James Brown, to name just a few. And these disputes are not only happening among celebrities, some judges say they are seeing more and more probate litigation. So what can the average Ohio resident learn from these celebrity's mistakes? As it turns out, quite a bit.
There are many situations that can cause problems when an estate is ready to be distributed. First, and the most common according to one east coast attorney, is when multiple marriages are involved. Even more complicated, is when there are children from more than one marriage involved. If this is the case for you, it is important to make proper plans in advance. If an estate plan skips over someone, the family could be looking at litigation.
Another potential area for contention over an estate is if a family business is involved. In this situation, as in all, it is extremely important to be detailed in your estate plans. An experienced estate planning attorney may be able to help make sure your plans are well-rounded.
In the end, the most important thing is to very clearly state your intentions in a will and through other estate planning tools. If you decide to give one child a greater share of the family business, explain why it's less likely to be questioned. If you and a spouse had a prenuptial agreement, stick to the terms you decided on. If you own a house or a car, once again, provided detailed instructions for what you want to happen to each of those things.
Even if you're not worth millions, what you can learn from celebrities' mistakes is that by being thorough in your plans, your estate will be less likely to be disputed after you pass away.
Source: Reuters, "The big lessons from celebrity estate wars," Amy Feldman, Jan. 26, 2012





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