With wealth accumulated by the rich and famous, most of us would assume that celebrities wisely take steps to protect their estates. Think again. Some of the world’s richest and most influential people have passed away without a will or a trust. Others made serious mistakes that tied up their fortunes for years. For example, here are three high-profile celebrity probate disasters and lessons we can glean from their mistakes.
Jimi Hendrix
Dying tragically at age 27, rock guitarist Jimi Hendrix failed to live a will. Instead, he left behind a laundry list of relatives, music industry executives, and business associates – all of whom believed they should share in his estate, including not only what he left behind, but intellectual property relative to earnings after his death. An attorney managed the estate for the first two decades following Hendrix’s death, after which the musician’s father, Al Hendrix, successfully won control over the estate. But when Al attempted to leave the entire estate to his adopted daughter when he died, Jimi’s brother, Leon Hendrix, sued — launching yet another messy probate battle which left no clear winners.
Lesson learned: When you fail to leave a will or trust, the impact of that oversight can be felt for generations. An experienced estate planning attorney can help put your wishes in writing to make sure they are carried out after your death.
Tom Carvel
The man who invented soft-serve ice cream, Tom Carvel had a net worth of up to $200 million when he died in 1990. Although he did leave a will and trust to provide for his widow, family members and donations for several charities, he also made the mistake of naming seven executors – each of whom believed they were entitled to financial rewards. The executors began fighting which dragged on for years and cost millions. In the end, Carvel’s widow died before parties settled the dispute. So, the debate kept her from receiving any of the money left to her by Carvel.
Lesson learned: “Too many cooks spoil the broth.” Your trustee and executor may have to make tough decisions. Consider naming executors and trustees who do not have financial interest in your estate. This will reduce the risk of favoritism. Also, consider assigning only a single trustee and executor rather than assembling a committee.
Prince
Prince’s estate exemplifies a celebrity probate disaster. When the 80’s pop icon died in early 2016, he failed to leave a will. The oversight is reportedly due to previous legal battles that left him with a distrust of the legal profession. Prince’s heirs are already fighting for control of the estate, not to mention fighting about who qualifies as a legal heir!
Lesson learned: Legal documentation protects your legacy. Don’t let distrust or a bad experience cost your heirs their inheritance.
About Skvarna Law
These celebrity probate disasters serve as stark reminders. No one’s wealth is exempt from legal trouble without proper estate planning. When you’re ready to draft estate documents or run into anything that could potentially impact your estate, give us a call to set an appointment. Skvarna Law Firm operates offices in Glendora and Upland, California. They also provide legal services for individuals living in San Bernardino, Los Angeles, Orange and Riverside Counties. This includes the cities of Upland, Ontario, Rancho Cucamonga, Fontana, Colton, Rialto, Chino, Chino Hills, Glendora, Claremont, Montclair, Pomona, La Verne, San Dimas, Azusa, Covina, West Covina, Diamond Bar, Walnut, La Puente, Corona, Norco & Mira Loma. Visit SkvarnaLaw.com to learn more.
