This article discusses some of the unique financial situations that wealthy celebrities often find themselves in. Often times drafting a simple will is not enough when there are vast amounts of assets that are at stake in a probate dispute. This article provides a few examples of famous deceased celebrities that had bitter estate battles because they did not adequately plan for their death. In many circumstance celebrities will fail to accurately measure the value of their name and likeness. There are also many examples of young celebrities who make bad estate planning decisions because they came into wealth so suddenly. Some of the estate planning tools that young newly rich celebrities should consider using include things like revocable trusts and having prenuptial agreements if they happen to get married.
See Anthony Greco, Woe The Weak-Willed Celebrity, Private Wealth, September 11, 2015.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
