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Gandolfini estate planning mistakes can help Nevada residents

The estate planning process is highly personal and can be difficult for many people to think about. Some people in Nevada and elsewhere may also wrongfully assume that estate planning is only for those who have millions to leave behind. However, everyone needs to take steps for estate planning, and everyone may be able to learn a lesson or two based on the mistakes some people worth millions have made when it comes to leaving assets behind.

A recent show focuses on celebrity estate planning and mistakes the rich and famous may have made. One example explored is how the late actor James Gandolfini took care of his estate planning. Gandolfini reportedly began his estate planning journey after his daughter was born.

His estate plan was made public after his death, and it is reported that he was worth $70 million to $80 million. He left his daughter a bulk sum of money to be given at the age of 21. He did not put the money in a trust, however, meaning that his estate had to go through the probate process, and the facts of his estate are now public knowledge. Without a trust in place, the assets will go to his daughter at age 21 even if life circumstances dictate that she is not ready or mature enough to handle the amount she will inherit.

Gandofini’s estate planning needs were said to be unfinished, as he left out plans for property he had seemingly acquired after starting the process. Whenever someone starts the estate planning process in Nevada, they may want to be aware that there could be the need to update the plan. As assets are added or the needs of beneficiaries change, people may want to adjust their estate planning documents to accommodate these changes.

Source: forbes.com, "Estate Planning Lessons From James Gandolfini And Other Celebrity Legacies", Danielle and Andy Mayoras, Aug. 6, 2014

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