The death of a beneficiary scenario can arise in settling either a probate estate or a trust administration. The beneficiary’s death affects both the administration of the first decedent’s probate estate or trust and the administration of the beneficiary’s own estate.
Luke Perry’s passing on March 4, 2019 was a sad moment for many, since his iconic role on Beverly Hills 90210 is forever etched in pop culture. However, in the eight months since his passing, it has become clear that unlike most celebrity estates, Luke Perry was financially savvy.
Preparing an estate plan, is like getting a physical. We know responsible adults have it done but choosing to do it yourself is just not appealing. We may decide with the information available on the internet, we simply can self-diagnose any problems that arise.
Everyone’s heard the stories of celebrities who died without a proper estate plan in place. It’s been a hot topic in the last few years with Prince and Aretha Franklin serving as unfortunate faces of the phenomenon. However, it’s not just freewheeling entertainers.
Your will is one of the most important documents you will ever sign. However, to think that over 70% of people don’t even have a will is, indeed, quite frightening.