Celebrities are constantly demonstrating the “what not to do” of estate planning. An article in Forbes discusses the top estate planning mistakes made by celebrities, and what we can learn from them. First and foremost, take the time to write a will, no matter how old, healthy, or busy you are. Before Sonny Bono died in a skiing accident at 62, he had never made the time to write a will. This made his situation especially complicated considering that he had fathered a child out of wedlock. Next, wills are not only for those who are married with children. Most people have some idea of who they would like to provide for after their death. Although Jimi Hendrix was close with his brother, his lack of a will meant that everything went to his father. Upon his father’s death, Hendrix’s estate was left to his father’s adopted daughter, and Hendrix’s brother never saw a dime. It is further imperative to put your final wishes in a properly drafted and executed will. Before Princess Diana’s untimely death, she drafted a “letter of wishes,” instructing that about 100,000 pounds worth of personal possessions be left to her children and godchildren. Because these wishes were not in her will, however, the godchildren received almost nothing. For assistance in creating a comprehensive estate plan that avoids these and other estate planning mistakes, call us at 818.956.9200.