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877-791-8076 / StoberLaw.com
Paul Walker passed away
in an unfortunate high-speed accident on November 30, 2013. The Fast & Furious movie star was 40
years old when he died, survived by his parents and young daughter. His father recently filed to open the estate,
including Paul Walker’s Last Will and Testament.
The Paul Walker Estate provides us with
interesting information on how we can improve
our own estate plans. Here are 5 lessons to learn from Paul Walker’s Estate according to Forbes:
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| Image Source: Wikipedia |
- Create a Living Trust – Paul Walker left all of his assets to a trust. This makes the probate process much simpler. It also likely means that his daughter will receive his millions over time, not all at once. A good estate plan stretches out distributions for young adults.
- Fully Fund Your Trust – Fully funded trusts can completely avoid the probate court process. Paul Walker did not fully fund his trust during his life, and therefore had to rely on his will. Although the will passed everything along to his trust, a fully funded trust during life could have kept his family’s affairs private. Wills and probate filings are public record.
- Name a Guardian – Law will always favor custodial parents. However, naming a guardian is a smart move in the event the living parent is unable to maintain custody. In Paul Walker’s case, he named his daughter’s grandmother guardianship.
- Start Planning Young – Paul Walker started planning his will when he was only 28, before he was a well-known movie star. Don’t put off planning your estate. Although no one wants to consider the worst, unfortunate accidents happen every day.
- Keep Wills, Trusts and Estate Plans Updated – It is important to revisit and update estate planning documents. Paul Walker signed his will twelve years before his death. A lot can change during that time. In his case, his net worth grew. Twenty-five million dollars is well over the federal estate tax threshold. This means that there will be tax consequences when handling the estate.
Have you started
planning your estate? How does your will
and trust compare to Paul Walker’s? The experienced
attorneys at the Law Offices of Louis D.
Stober, Jr., L.L.C can help you begin your estate plan or update your
existing plan. Contact our office by
calling 877-791-8076 to learn more.
