When celebrities die, there is frequently a significant amount of attention paid to how their estate plan was formulated. Often, there is surprise at how much or even how little the person had in terms of assets. The structure of the estate plan will tell how they prepared for the future and positives and negatives should be taken from that plan and adapted to anyone who is moving forward with estate planning.
When the celebrity chef, writer and television host Anthony Bourdain died, his assets and the organization of his estate plan was discussed in the media. During probate, it was found that Mr. Bourdain’s estate was worth slightly more than $1.2 million. His estate plan also provided useful information on how to prepare for the future.
Mr. Bourdain left most of his estate to his daughter. Since he traveled so frequently, he had accrued a large amount of frequent flyer miles. He left those to his estranged wife. These and other benefits people might accumulate without thinking about them, such as rewards points on credit cards, can be lucrative and should be considered when drafting a will.
Research has indicated that 60 percent of people in the U.S. have not created an estate plan. When a death is unexpected, this is often problematic, as dying intestate makes it difficult to complete the distribution of assets and complicates probate. For people who have individual concerns regarding their estate, crafting an estate plan tailored to their specific needs is critical. A law firm that has experience in helping people with a variety of circumstances can assist with estate planning.
