No One Should Wait Until They Are Old To Do Estate Planning. Paul Walker’s will was signed in August of 2001, when he was only 28 years old. This is the same year his first Fast & Furious movie was released.
Although it seems that there are lessons to be learned from the mistakes of others, celebrity mistakes can seem all the more colossal. Forbes recently pointed out some of the sound planning Walker did at an early age and before much of his stardom 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 have handled 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.
For more information about how to plan your estate and how to protect the legacy or assets that you leave from divorce, creditors, and lawsuits, please visit my website.
Reference: Forbes, February 10, 2014: “Five Estate Planning Lessons From The Paul Walker Estate”