The majority of Texas estates will go through the probate process unless individuals take steps to keep their estates from such legal proceedings. However, many parties do not choose to follow such a route. In fact, numerous people either do not estate plan or have mistakes in their plans that result in issues when it comes to estate administration.
This type of situation could happen to anyone, and even celebrities are not immune to such mistakes. Many people often think that the only purpose of estate planning is to address considerable wealth, and while that certainly is not the case, even wealthy individuals may put off planning until it is too late. As most parties know, over the course of the last year since his death, the family of late-musician Prince have gone through considerable trials since the singer died without a will, and the court is still working on his $300 million estate.
Other serious mistakes have also been made by other late celebrities. For instance, Heath Ledger had taken the proactive steps to create a will before his death, but he did not update the document after the birth of his daughter. As a result, the family had to work through certain unexpected issues before the estate could be closed.
Unfortunately, many loved ones leave surviving family in such predicaments. If Texas residents are facing estate administration issues due to mistakes made by their loved ones or a complete lack of planning, they may feel uncertain about how to handle the situation. Luckily, concerned parties do have the option of seeking assistance from knowledgeable attorneys.
Source: nhregister.com, "CONNECTICUT MONEY: Even celebrities fail at estate planning", Eric Tashlein, June 24, 2017