More Good Reasons to Prepare an Estate Plan
The sudden death of 40-year-old actor Paul Walker came as a shock to his family and fans. Based on the huge success of the “Fast and Furious” blockbuster movie franchise in which he starred, Walker's estate is estimated to be a vast fortune. Thus far, the media have made no mention that Walker left behind a will or trust. Walker's tragic accident illustrates the need for every adult to have an estate plan.
You are not too young to make an estate plan
Everyone over age 18 should strongly consider having at least a will and an advance health directive in place. One mishap, such as an accident, can claim your life. Walker died young, in good physical shape and at the height of his professional career. Based on Florida's laws of intestate succession, Walker's longtime girlfriend may not inherit anything unless he made some provisions for her in writing.
An estate plan provides guidance for your minor children
Walker's 15-year-old daughter, Meadow, is likely to be the main beneficiary of all the assets he left behind. In the absence of a trust, Meadow could receive all of her inheritance when she turns 18 without restriction. Through proper planning, a trust can be established for minor children that provides them with money for their education and living expenses, with the principal paid out gradually as they become older and more financially responsible.
Don’t risk allowing the probate court to determine how your loved ones inherit from you. An experienced Tampa Bay estate planning attorney can help you make arrangements that make sense for you and your family.