On June 19, 2016, when successful actor Anton Yelchin (Chekov in the recent Star Trek movies) failed to show for rehearsal, his friends became worried and drove to his house. Sadly, they found Yelchin pinned between his security fence, brick mailbox, and Jeep Grand Cherokee.
Estate Planning Lessons: What Happens if You Pass Away Unprepared?
When you’re in your 20’s and 30’s and in good health, it’s easy to feel invincible and to justify deferring estate planning. Why worry about a long-term financial strategy and your “legacy” if you’re just getting a toehold in your industry?
Yelchin’s tragic situation highlights the fact that we are all – young and healthy, old and infirm alike – vulnerable to events outside our control. Establishing even a rudimentary plan is better than having nothing.
Details have yet to emerge about whether the actor had estate planning documents in place. However, actors who suddenly vault to success via high profile movie and TV roles as well as business owners who experience dramatic surges in income should reevaluate their plans frequently, especially during and after periods of major career growth and contraction.
Depending on the nature of your income surge, you might need focused, specialized planning to minimize tax consequences. Likewise, when your life or business goes through big inflection points, it can help to rethink your long term financial strategy just as a way to clean up the “open loops” in your life – to eliminate background distraction, so you can concentrate more on what’s important and what you love to do.
Failing to establish, amend, or revise a trust or will as your life changes can create needless risks. While no lawsuits appear to have been filed yet by Yelchin’s heirs, a properly drafted, up-to-date estate plan can make it easier for a family to hold those responsible for the death of a loved one accountable. In addition, the clarity created by such a plan helps keep family members concentrated on meaningful and important work, such as consoling children left behind and supporting one another emotionally, rather than potentially distracting legal issues.
While drafting a trust or a will does require skill and thoughtfulness, an experienced estate planning lawyer can take the emotional charge out of this process, simplify it greatly for you, and ensure an enduring legacy for the next generation. If you want to get started, we can help. Call us today for a consultation to obtain the clarity and peace of mind you need.