It often seems in today’s culture that people put their favorite celebrities on a pedestal. The celebrity can do no wrong. Even when the celebrity does do something wrong, it is quickly explained away or forgiven. However, when it comes to estate planning, do not always do what celebrities do. They often make mistakes that you should avoid. Even the smartest celebrities make estate planning mistakes.
In his life, Michael Crichton wrote many books that detail advanced medical and scientific concepts in ways that ordinary people could understand. Well, the author of “Jurassic Park” made a very basic mistake in his estate plan. He forgot to update it. When Crichton was dying of cancer, his sixth wife was pregnant. He had a Will that stated that no future children could receive a portion of his estate. Then, he passed away before his wife gave birth. Litigation ensued between one of his daughters and the wife whether the new baby could receive an inheritance. Eventually, the court ruled in favor of the wife. However, it all could have been avoided if Crichton had just updated his Will to include the expected child.
Get your advice about estate planning from attorneys. Don’t do what celebrities do.