5 Celebrities Who Needed an Estate Planner

Fame and fortune doesn’t necessarily improve estateplanning.  Here are five celebrity estateplanning mistakes to prove it:

1. Leona Helmsley, the widow of multibillionaire Harry Helmsley,gave $12 million in trust for her dog, Trouble, while disinheriting two of hergrandchildren.  This proved to be troubleas a judge reduced the dog’s trust fund to $2 million while giving $6 millionto the grandkids.
2. Sammy Davis Jr. intended to give a lot of people a lot of moneyin his will.  The problem with this isthat his estate was insolvent by the time he died.
3. Steve McNair’s tragic death revealed a true lack of estateplanning.  McNair’s estate was hit with atax bill over $3 million and his mother had to be displaced from a six-bedroomhome.
4. Marilyn Monroe made the mistake of leaving the majority of herestate to her acting coach, Lee Strasberg, without putting her assets in atrust.  After Strasberg’s death, histhird wife, who never knew Marilyn, made millions off her belongings.
5. Jim Morrison left his estate to common-law wife, PamelaCourson.  She soon overdosed, leavingJim’s estate to his father-in-law who “probably hated him.”

See Sheyna Steiner, 5 Celebrity Estate Planning Mistakes,Bankrate.com.