It will soon be the 9th anniversary of Paul Walker’s death on November 30, 2013. Paul Walker, a movie star of the Fast & Furious movie franchise, passed away in a high-speed car accident at the young age of 40. Like many people, he didn’t think he would pass away so soon. Unfortunately, Paul Walker left behind a family, including his young daughter and parents, as well as a big estate.
And although his estate plan wasn’t properly done and completed, Paul Walker created a revocable living trust back when he was 28 years. In the year 2014, his estate was opened up by a probate court, revealing that he left assets of $25 million to his 15-year-old daughter, Meadow, and his parents. Unfortunately, his lack of planning and reviewing his estate plan left his loved ones in a mess, between court and conflict.
Let’s dig deeper into what we can learn from Paul Walker’s Estate Planning Mistakes:
- Creating a trust doesn’t mean you are protected; you must properly fund it.
Even though Walker had a trust, it wasn’t properly funded – a surprisingly common mistake made by many, even with the guidance of a lawyer.
- Make sure your minor children are protected by those you trust.
Walker named his mother as a guardian for his daughter, Meadow; however, after Paul Walker’s death, Meadow’s mother, Rebecca, asked for legal custody. The process was messy, considering Rebecca had 2 DUIs; however, after agreeing to enter a rehabilitation program on alcohol, she won custody over Meadow.
- Things change in life, which implies your estate plan must change as well.
There are many reasons you may need to update your estate plan, including babies, new assets, moving homes, change of net worth, divorce, fights, etc. Paul Walker’s net worth changed in a drastic measure between 2001 and 2013; if he had updated it with all the necessary changes, his death wouldn’t have been so messy for his loved ones, who were forced to enter courts and conflicts.
Like the Fast and Furious movie star once said, “You know, all that really matters is that the people you love are happy and healthy. Everything else is just sprinkles on the sundae.”. Don’t wait to do estate planning. If you want to ensure a smooth passing for your loved ones and guarantee they won’t have to go through court or conflict, create your estate plan to best protect the people you love the most and make sure it stays up to date.
At Legacy Counsel, we help families build and preserve their legacy. Schedule your Legacy Session today to get started on your estate plan.
