We are used to hearing dramatic stories about the estate woes of celebrities like Anna Nicole Smith and Gary Coleman. From all appearances, however, in the tragedy of singer Amy Winehouse’s recent death there is one positive note: she left her affairs in remarkable order. According to US News & World Report, Winehouse’s assets, estimated at around $16.4 million were at risk of going to her ex-husband, who is currently in prison, since the English legal system tends to favor ex-spouses. But Winehouse avoided that problem by writing a new will directing her estate to her parents and brother instead. Whether you have $16.4 million (or more) … or substantially less … there are fundamental estate planning moves that every adult should undertake. These include making a will, appointing powers of attorney, and completing health care documents. Trusts also are versatile estate planning tools that may help you achieve your goals in a variety of situations.
You can learn more about these basic strategies in the Fundamental Estate Planning Practice Center on our website.
Reference: US News & World Report’s MONEY (July 27, 2011) “Amy Winehouse’s Financial Legacy”