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Trusts can ensure your beneficiaries are taken care of

Planning how your Lee County estate will be divided up after you pass does not have to be complicated, but you do want to put some time into thinking things through. What will happen to the money if one of your beneficiaries dies shortly after they receive the inheritance? Are you okay with their family members receiving it? If you are not, you may want to consider putting that money in a trust. This way, the person you would like to see benefit from your estate will, and after he or she dies, the remaining funds will be directed to another person of your choosing. 

Setting up a trust may have been beneficial for someone like Jim Morrison or Marilyn Monroe. Morrison wanted his common-law wife to inherit his estate, but she died not long after he did. Because she had no will, everything she had, including Morrison’s estate, went to her parents. The parents of Morrison went to court to contest their son’s estate distribution and were awarded a percentage of their son’s estate.

When Marilyn Monroe died, she left 75 percent of her estate to Lee Strasberg, her acting coach. After his death, it went to his third wife, someone with whom Monroe was not even acquainted. The woman profited immensely by licensing Monroe’s products.

Both of these celebrities could have avoided these situations by setting up trusts for their beneficiaries. If you would like to learn more about how trusts fit into your estate planning, you may wish to speak with an estate planning attorney.

Source: Fox Business, “Monumental Estate Planning Blunders of 5 Celebrities,” June 6, 2013