Heath Ledger Estate and Updating Your Plan When You Have Kids
December 26, 2020
Celebrity estates have a ton to teach the rest of us. With the Heath Ledger estate, it’s how important it is to update your plan when you have kids. If you’re a parent, you need to have an estate plan.
The crazy thing about the messes that celebrities leave behind is that they are not simply rich people problems. They are messes I see people leave all the time, regardless of whatever wealth they had. Leaving a mess when you die is not a problem only for rich people. It’s a problem for anyone.
A common misconception I run into is when parents think they won’t leave complicated issues. Complicated issues aren’t just a function of your wealth. If you die when your kids are little, there’s going to be some of the most complicated legal issues.
Who will take care of your kids? Will your kids get your assets and how is that money going to be managed for them while they’re too young to do it themselves?
You absolutely need a plan.
And plans have to be updated as your circumstances change. I think about it as stages, changes and years. A plan needs to be updated when you enter a new stage of life… like becoming a parent. Outdated plans can leave issues that could be avoided. And that’s how I define a mess. Something people grieving you have to deal with, that could have been avoided.
-Here’s where I talk more about what to think about when you’re doing your estate plan.