Some mistakes made by the rich and famous. :-)
The Ungrateful Living Jerry Garcia, lead guitarist of the Grateful Dead, executed his will in 1994. Jerry Garcia was married 3 times and his assets and possessions were divided up between all three of his wives. This was a result of a very unhappy widow, who then owed money to his previous wives. Jerry’s will caused huge emotional distress amongst the women. Problems arose when alimony payments were cut off to the middle wife and she settled for significant less than she was owed, causing a nasty fight. It should have been mandatory for Garcia to provide separate rolls for his beneficiaries and executors.
Takeaway: Choose an unbiased person, such as a lawyer, to be the executor. (The executor does not need to be a financial or legal expert, but such expertise can certainly help.)
Elvis Presley The King of Executors Elvis Presley named his father as his Executor. Since children typically outlive their parents, this is generally not advised. However, in Presley’s case, his father actually served as his executor.
Takeaway: Do not assign your parent as an executor. He/she will most likely pass away before you or not long after, shifting the control to the court.
Read more: http://blog.passare.com/2013/09/18/disastrous-celebrity-executor-wars-part-1/ | Passare.com Blog
The Ungrateful Living Jerry Garcia, lead guitarist of the Grateful Dead, executed his will in 1994. Jerry Garcia was married 3 times and his assets and possessions were divided up between all three of his wives. This was a result of a very unhappy widow, who then owed money to his previous wives. Jerry’s will caused huge emotional distress amongst the women. Problems arose when alimony payments were cut off to the middle wife and she settled for significant less than she was owed, causing a nasty fight. It should have been mandatory for Garcia to provide separate rolls for his beneficiaries and executors.
Takeaway: Choose an unbiased person, such as a lawyer, to be the executor. (The executor does not need to be a financial or legal expert, but such expertise can certainly help.)
Elvis Presley The King of Executors Elvis Presley named his father as his Executor. Since children typically outlive their parents, this is generally not advised. However, in Presley’s case, his father actually served as his executor.
Takeaway: Do not assign your parent as an executor. He/she will most likely pass away before you or not long after, shifting the control to the court.
Read more: http://blog.passare.com/2013/09/18/disastrous-celebrity-executor-wars-part-1/ | Passare.com Blog
