Stevie Wonder is a name that is familiar to many people in Nevada. At the height of his fame he was a regular in the clubs in Las Vegas and a part of the famed Rat Pack. Now he is the subject of a review of celebrities and their estate planning difficulties.
Others listed with Sammie Davis include Marilyn Monroe, Jim Morrison and Leona Helmsley. Each left estate planning that either did not exist or was incomplete. This has led to litigation and distress for those who were left behind.
In the Davis case, a will was included in the estate planning that existed when the singer died. In the document, Sammie Davis Jr. to several organizations and individuals. Unfortunately, the estate plan had not been updated in many years and the assets owned by the singer exceeded his bequests.
Other celebrity families have found that a lack of estate planning has led to litigation over the division of assets. This was the case of the survivors of Jim Morrison. The singer left his estate to his girlfriend. When she died, the estate of Morrison went to her parents. A result that he may not have indeed or even approved of if he were able to put forth an opinion.
Estate planning is important for people in Nevada regardless of their level of fame and fortune. These efforts can help to limit battles between survivors over money left behind. In addition, it can ensure that when a person dies their wishes will be both known and followed.
Source: Fox Business, “Monumental Estate Planning Blunders of 5 Celebrities,” June 6, 2013