Planning Ahead

What happens if a will is not up to date when the settlor passes way? Heath Ledger, for example, executed his will three years prior to his death. Within this time frame, Heath neglected to update his will to include his fiancé and daughter. When Heath passed away, his estate went to his parents and sisters and nothing went to his daughter and fiancé at the time. If he and his wife were married she could have at least argued for a spousal share, however they were simply engaged. If an estate plan is not set up properly, the rules of intestacy decide where and who your estate is distributed to. Take Howard Hughes for example. Seven years after his death, legal proceedings declared that his $2.5 billion estate was to be divided amongst his 22 cousins because he had no living will. He may have had no relationship with some of these cousins and would have preferred to have his monies distributed elsewhere.

Note to Self: Plan ahead, plan smart, and plan often.