Over the next couple of weeks, you will receive a series of articles entitled “Lessons Learned from Estate Planning Mistakes of Celebrities,” demonstrating why probate is such a nightmare and lessons that can be learned from the costly mistakes of celebrities.
Part 1 will explain how Amy Winehouse didn’t have an Estate Plan, leaving behind a $6.7 million estate.
Part 2 will describe how Whitney Houston didn’t have a Living Trust and her Will was filed publicly in probate court.
Part 3 will explain how Michael Crichton didn’t update his estate plans, leaving his wife and baby empty-handed.
Part 4 will describe how Etta James didn’t have a Durable General Power of Attorney, causing a father/son feud in court.
Below is Part 3: Michael
Crichton Didn’t Update His Estate Plans, Leaving His Wife and Baby Empty-Handed
Forgetting to amend your Will or Living Trust when your
marital status changes, or if there is a new addition to the family, or in
other major life circumstances, could leave someone that you love empty-handed. The name “Last Will and Testament” holds true
in this case; be sure that the last version
is the most current one.
Michael Crichton, author of Jurassic Park and numerous
other blockbusters, never updated his 2007 Will, even though he was dying
of throat cancer and his fifth wife was pregnant. His Will even included language disinheriting
any future children.
His wife, who was not an heir due to a prenuptial agreement, went
to court to fight for their newborn to be included as an heir and to be appointed
guardian of the son's property. Crichton’s
20 year old daughter from a previous marriage opposed the request. California,
as with most other states, has laws called “pretermitted heir” laws to protect
children that are accidentally omitted so that they can still receive a
considerable portion of the estate.
His wife’s
lawyer had to try to convince a California probate judge that the clause disinheriting
future children in Crichton's Will did not remove the estate from the
accidentally-omitted child law. Ultimately,
Crichton’s baby inherited part of his estate. Whether this is really what
Chrichton would have wanted no one will never know. What we do know is thatCrichton could have
saved his wife and his older daughter a lot of stress and headache had he
simply updated his estate plan when she was pregnant.
Here at The
Law Firm of Evan H. Farr, we advise that
a Will should be revised when there is a major change in an individual's life,
such as marriage, divorce, or pregnancy, and should be reviewed annually for changes
in the law. If someone fails to update
their Will and/or Living Trust, it may not accurately convey their wishes when
they die.
Planning
a second or subsequent marriage?
Even if you have already completed an estate plan of your own, a new
marriage typically calls for significant changes to your plan. Evan Farr is a trained mediator and can
mediate pre-marital contracts with couples who are planning to enter into a
second or subsequent marriage. The goal is
always to prepare the pre-marital agreement and then do the subsequent estate
planning for the couple. If you are
getting remarried or have another life changing circumstance, be sure to call TheLaw Firm of Evan H. Farr, P.C. to update your estate planning
documents to account for these or other significant life events.
The goal of the Farr Law Firm is to give all of our clients not only the best legal expertise possible, but also excellent client service. We try very hard never to keep you waiting. We try to return all phone calls promptly. We work as a team so that there is always someone available to help you when you need it. All of the people who work in our office are committed to this goal. They are all caring and compassionate people, and they understand the problems that you and your family may be facing. To get to know our team, please click here.
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