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Many individuals likely remember the Fast & Furious movie series and their high-speed chase scenes. This is why many people in Florida were shocked when they heard about how the star of the movie series, Paul Walker, died. The movie star apparently died in a car crash where his vehicle was traveling more than 100 mph. Despite the tragic accident, Walker’s death has also shown that he made some good estate planning moves.
One thing which Walker did correctly is to begin planning his estate while he was still young. Most young people do not feel the need to start any estate planning because they believe they have a long life ahead of them. However, anything can happen as Walker’s case tragically demonstrates. The movie star signed his will in Aug. 2001 when he was only 28 years old.
Walker was also smart to craft his will in a way that would leave all of his assets in a trust which he had created. This minimizes a significant amount time and money which may have been spent in a drawn out probate process. He was also smart in naming his mother as a guardian for his daughter, which will be helpful if the child’s mother is somehow deemed unfit to be the daughter’s legal guardian.
However, despite some good estate planning decisions, Walker may have made one mistake. He failed to update his estate planning documents regularly. Upon his death, twelve years had passed since he signed his will. It is important for movie stars along with everyday people in Florida to update their estate plans to reflect any significant life changes. Failing to do so can result in intended beneficiaries not being able receive assets.