Estate Planning Lessons We Can Learn From The Paul Walker Estate

Law Offices of Louis D. Stober, Jr., L.L.C.

350 Old Country Road, Suite 205, Garden City, NY 11530

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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• 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.

Watch Stober Law On YouTube: Wills and Powers of Attorney

Law Offices of Louis D. Stober, Jr., L.L.C.

350 Old Country Road, Suite 205, Garden City, NY 11530

877-791-8076 / StoberLaw.com 

It’s never too early to start preparing your will or estate plan.  Watch our YouTube video on wills and powers of attorney!  Louis D. Stober, Jr. explains what each of these terms means in a way that is simple and easy to understand.

Learn more about the importance of planning your will and how the experienced attorneys at the Law Offices of Louis D. Stober, Jr., L.L.C. can make preparation simple.  Our experience, combined with our successful track record makes us Long Island's premier law firm.  Contact our office for a consultation by calling 877-791-8076.

It's Never Too Early For Estate Planning, But It Could Be Too Late

Law Offices of Louis D. Stober, Jr., L.L.C.

350 Old Country Road, Suite 205, Garden City, NY 11530

877-791-8076 / StoberLaw.com 

Image Source: Wikipedia

With life's uncertainty it's never too early to start making an estate plan, but it can be too late. Many people choose not to address the need to create a last will and testament, associating the task with morbidity. It is important to notify your family and friends of your desired wishes in the event that you suddenly pass on. Actor Phillip Seymour Hoffman is tragically a prime example of such a case.

The actor tragically died on February 2nd of an apparent drug overdose. Hoffman spoke candidly of his past struggles with addiction and even checked himself into a rehab center last year for 10 days after relapsing. The grieving process was made simpler for the family that survived him thanks to his preparedness of a will.

In the document, Hoffman bequeathed all of his personal property to Marianne "Mimi" O'Donnell, the mother of his three children.

The Law Offices of Louis D. Stober Jr. are experienced in comprehensive estate planning needs.  Our experience, combined with our successful track record makes us Long Island's premier law firm.  Work with attorneys who will care about the well being of you and your family. Contact us to learn more about estate planning.  Don't forget to Like us on Facebook and FOLLOW us on Twitter for the latest news stories and legal tips. 

Why It's Never Too Soon For Estate Planning

Creating an estate plan is much different than creating a will.  An estate plan is a set of instructions for the entrusted surviving persons that indicates how said persons should manage and distribute your remaining assets, handle medical decisions, and care for your family in the event of your passing.  Creating an estate plan is a great way to prevent arguments or confusion among surviving family members.

To create a personalized estate plan, you must have the following:

• A Will: If you have children, a will is used to name their new legal guardian.  It is also used to appoint a representative to make executive decisions on who is to receive your remaining property.  This only happens in the absence of a trust.  A will should be in writing and signed and dated by you.  Two witnesses should be present in addition to the beneficiaries.  Most attorneys secure the will within their own offices, however if you wish to keep the will in your possession, it should be kept in a safety box.
• A Trust: While alive, you may handle your trust however you please. You may alter the terms or add and withdraw property as you wish.  Upon death, the trust distributes assets to the specified beneficiaries.
• Power of Attorney: This gives a designated person the ability to handle financial and health care decisions if you are not able to do so.

In already having your desired wishes laid out in the event of your death, you allow your family to have a grieving process without worrying about finances and logistics.  They have full confidence that every decision made was what you, the deceased, truly wanted.  It is essential that the will or estate plan be reviewed by an attorney every few years.  For more information on estate planning and wills, click here. 

The attorneys at the Law Offices of Louis D. Stober Jr. are highly qualified in estate planning and work to help families get through difficult times as stress-free as possible.  Contact us for help with an estate plan or to learn more about your estate options.