Recently, Paul Walker’s father filed to open the estate, including Walker’s Last Will and Testament.. It sheds some interesting information about the Paul Walker Estate and highlights some valuable estate planning lessons.
When it comes to celebrity estates, there are many lessons we can all learn about planning. And although the media tends to highlight planning mistakes made by these stars, the prudent planning by celebrities should not go unnoticed. Forbes recently pointed out some of the sound planning the late Paul Walker did at an early age as he was just stepping into the spotlight in an article titled “Five Estate Planning Lessons From The Paul Walker Estate.”
For example, in his will, Walker left all of his assets to a trust he created. This can create a much easier and simpler probate process. It was a revocable living trust, which is a very effective estate planning tool. Although it isn't a public record, if Walker went to the trouble of creating the trust, he most likely was concerned about the way that his young daughter would be handed his large estate.
Many young people do live life "fast and furious" and don't think ahead to the future. Take a break and sit down with an estate planning attorney sooner versus later. You never know when it will be too late.
Reference: Forbes, February 10, 2014: “Five Estate Planning Lessons From The Paul Walker Estate”