Leading Estate Planning Lawyer Fred Haiman, founding partner of Haiman Hogue in Frisco, TX outlines how celebrities can avoid estate planning mistakes. For more information please visit https://www.haimanhogue.com
Frisco, TX United States - December 10, 2022 —
Texas-based Estate Planning Attorney Fred Haiman has revealed several avoidable mistakes that mere mortals should consider amid a series of recent missteps by the rich and famous.
For more information please visit https://www.haimanhogue.com
The Partner at Haiman Hogue in Frisco, TX, said estate planning is the same for everyone, but painful mistakes made by celebrities should be used as experience in our own lives.
Taxes and legal fees can eat into your estate if your plan is not watertight. It can be further aggravated by missing or outdated documents, challenges by beneficiaries and circling debtors.
Equally devastating could be dying without a will, leaving your assets up in the air, and a potential legal fight between family and loved ones for the spoils, he warned.
Haiman said many famous stars and other wealthier individuals have died without even making a will, otherwise known as dying intestate. “Without a plan, a court will decide the fate of your assets and distribute them to people that you may have never considered to be a beneficiary. The court determines who your “heirs” are, and they are the people who get a piece of the estate pie. Intestate court proceedings could take years before your estate is concluded.”
Another mistake is a person failing to update and add, or delete, beneficiaries from their wills before they die. The key to any estate plan is to keep it up to date and regularly reviewed.
“Things in your life change, so your estate plan should reflect your wishes,” Haiman advised. “So working alongside and consulting an experienced estate planning attorney will help drive the direction of your assets and help you consider future benefactors. This all ensures you have an effective plan that can easily be handled by a trusted executor if you die or become incapacitated.”
Two other mistakes made by celebrities were keeping their estate plans a private and failing to write in things that may have been promised verbally.
Ideally, an estate plan with all the original documents should not only be at hand, but it isl advisable to tell someone you trust where the documents are located and what your plans are. “If you have an experienced professional estate planning attorney, then they will have a copy of your plans, usually in electronic form. But the original documents should be kept by the owner, in a safe place. You should always make the executor aware of where they are, so they can be easily located when they are needed,” he said.
If promises are made to loved ones, then putting them down on paper is advisable, but more importantly, they are usually not legal unless they are properly put into legally valid estate planning documents. Doing this will avoid any confusion or potential legal battles. “This can be covered in the regular assessment of your estate plan to ensure it is robust and correct.”
One of the biggest failures of the famous to the ordinary man and women in the street is not to have a trust to protect their assets from potential problems. Haiman said: “A trust can act as a way of privatizing and streamlining the process in transferring assets to benefactors. And don’t forget that assets will have to be named in the trust to get the full protections and benefits of the trust.”
Haiman concluded that anyone thinking of estate planning should seek guidance from an experienced attorney in that area of law. “That way, they can be empowered to take action with the knowledge that their assets and family are protected and everything will be distributed correctly when the time comes.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Fred Haiman
Email: Send Email
Organization: Haiman Hogue, PLLC
Address: 2595 Dallas Parkway, Ste. 100, Frisco, Texas 75034
Phone: 469- 893-5337
Website: https://www.haimanhogue.com
Release ID: 89086101
If you detect any issues, problems, or errors in this press release content, kindly contact error@releasecontact.com to notify us. We will respond and rectify the situation in the next 8 hours.
