Everyone Can Benefit From Estate Planning — Even Celebrities
This article emphasizes how potential problems can be avoided by even the most simple estate plan. This estate could have ended up in the courtroom for a very long time, with everyone claiming a piece of it, but because he created a will, it appears he protected his children.
He could, however, have taken this protection one step further. A trust, rather than a will, would have kept everything private. A Trust is not normally filed in a courthouse. A will must be filed, along with an inventory of assets. This means the assets will become a matter of public knowledge. With a trust, the total of assets and what specific items are owned are not filed in a courthouse document for anyone in the world to see!
Additionally, a Trust would keep the full names of the children and information about them, much more private. With all citizens, as well as celebrities, it is best to have as little information as possible out there about our children for salesmen, predators, or just friends that show up willing to “help” them invest or spend their money.
Luke Perry Protected His Family With Estate Planning
When Luke Perry, whose full name was Coy Luther Perry III, died on March 4, 2019, he was surrounded by family and loved ones. Tragically, the actor — who rose to fame… (read article by clicking here, Or, copy and paste the link below into your browser)