While probate records can be accessed by the general public, when everyday people pass away there generally isn’t much interest in their estate planning efforts. However, things are entirely different when high-profile celebrities die.
When you see other people make certain types of mistakes it can get your attention and you can resolve to avoid the same mistakes. With this in mind we would like to look at two celebrity estate planning disasters.
Jim Morrison
The late Doors singer died at the tender age of 27 like so many other rock stars. Of course he had made good money while he was living. But, as an artist who produced work that has continued to sell since his death, income has been streaming in ever since.
In addition to the music, posters, T-shirts, etc. emblazoned with his image have been flying off the shelves as well for decades.
Unlike many celebrities who make estate planning errors, Jim Morrison did have a last will. He left everything to his girlfriend Pamela Courson assuming she lived for at least three years after he died. If she didn’t live this long, he wanted his brother and sister to inherit his estate.
Pamela did live for more than 3 years after Jim died, and she rightfully inherited his estate. But, she didn’t execute a last will of her own.
As a result, under intestate succession rules, her parents inherited her assets, including those that she had inherited from Jim. This would obviously include his ongoing royalties and other earnings.
We know what Jim wanted in the event of Pamela’s death, but that didn’t happen because he didn’t plan ahead in an optimal fashion.
According to reports Jim Morrison’s parents negotiated a deal with the Courson family, and they shared in the estate, though Morrison clearly did not name them in his will and he did not have contact with them.
Sammy Davis, Jr.
This is an interesting type of estate planning case that we would like to highlight from an entirely different perspective. If you are in possession of significant wealth, you should speak with an estate planning attorney about the best way to pass along your assets to your chosen beneficiaries.
However, there is another thing to take into consideration. If you have very specific things that you would like to do for others, you should consider this when you are conducting your life.
This may seem like overstating the obvious, but sometimes people who make a lot of money assume that the well will never run dry. This was apparently the case with the deceased entertainer Sammy Davis, Jr. He left behind generous bequests to numerous individuals in his will.
Unfortunately, he had significant debt and ultimately there was nothing left for anyone to inherit.
