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Celebrity follies get our attention when flashed in the breaking news headlines.. but we can get much more out of this news then just the entertainment value. As Eleanor Roosevelt said... “Learn from the mistakes of others. You can't live long enough to make them all yourself.”

I recently read the article “The lessons of famously bad Estate Planning” in the May issue of Insurance news net magazine. Where many celebs are named that did not have their will and estate in order before their death. Therefore creating a disaster of problems for the loved ones left to deal with the mess.

 

Some Examples:

Jimi Hendrix – died September 18, 1970 at the age of 27 years old, without a will. Over 30 years later his estate was still in court, ultimately his $80 million estate went to his father's adopted daughter.

source: http://www.legalzoom.com/legal-headlines/celebrity-lawsuits/battle-over-jimi

 

James Brown – His 2006 Christmas day death, brought out much bickering over where the proper burial place should be. A year later the estate continued to be in limbo as some surviving children put fourth a challenge on the estate.

source: http://www.legalzoom.com/legal-headlines/celebrity-lawsuits/james-browns-estate-still

 

Sonny Bono – Following his January 5, 1998 skiing accident that resulted in his death, Sonny's widow, Mary had to schedule her grieving time for later. She was thrown into having to take action right away by going to court to be appointed the estate's executor, and file a court petition to manage royalties. There was a line of people to make claims on the estate. That is never a good thing for those left to deal with it all.

source: http://www.insurancenewsnetmagazine.com/may10/ “The lessons of famously bad Estate Planning”

 

When we do not have our wishes communicated legally before our passing, our failure of action puts a burden on family members who must spend weeks, months or even years trying to straighten everything out. Which is not a stress free task to tackle. I'm sure most of us do not wish to create such a burden for our loved ones. In order to prevent such burdens on family members, it is necessary to do some simple pre-planning.

 

I know we don't want to discuss things that involve our death, but it is essential in order for family members and loved ones to maintain their stability. So what are you waiting for? Contact a qualified representative today!

 

Other Helpful Topics:

Some is better than none

Sad fact of Life Insurance

Employer Sponsored Life Insurance

How to get the best Insurance Rate

 

What year was it when the first Group Life Insurance for employees was introduced?

(1909, 1911, 1915, 1920)

 

 

 

1911 – Introduction of Employee Group Life Insurance

source: American Council of Life Insurers. Life Insurers Fact Book