Celebrities Create Estate Plans and So Should You!

We are all sad when one of our favorite celebrities passes away. After spending years watching them in movies and on television, seeing them in magazines, and everywhere else, it can feel like a close friend has passed away. People all across the country recently mourned the death of beloved actor Luke Perry. Whether you watched him as the bad boy on Beverly Hills 90210 or the father of Archie on Riverdale, Luke Perry probably inhabited your television screen at some point. Last month, Perry suffered a massive stroke and was rushed to the hospital. He remained on life support for one week before his family ultimately made the decision to discontinue life support when it was clear recovery was not an option.

While Luke Perry was famous, he is no different than the rest of us when it comes to estate planning. Sometimes, people think they might not need an estate plan because they could not possibly have enough assets to require one. This is untrue, however. An estate plan is beneficial for everyone, from Luke Perry to your neighbor down the street.

Forbes reports that Perry did in fact have an estate plan, leaving his family with the peace of mind that they can carry out his last wishes as he would have wanted. While the story is tragic, there are some lessons that can be learned through Perry’s death. In 2015, after a colon cancer scare, Perry had a will drafted. Additionally, the fact that Perry’s family was able to end the life support being given to him indicates that a more elaborate estate plan was in place.

An estate plan will be different for every person, depending on their circumstances, but there are a few key pieces that need to be included:

• Last Will and Testament: This is the piece of an estate plan that everyone thinks about. A will sets out the decedent’s plan for how assets will be handled after death, as well as the general oversight of the estate.
• Advanced Directive: An advanced directive can come in many forms – durable power of attorney, healthcare power of attorney, etc. A power of attorney can be given to someone to handle business affairs, healthcare representation, and many other aspects of one’s life should one become unable to make his or her own decisions. Without an advanced directive, Perry’s family would have likely had to go through the court system to remove the life support being provided.

While Luke Perry’s death is certainly a tragedy, it is an opportunity for us all to look at our own estate plans and determine if we are prepared should something tragic happen. The estate planning attorneys at the Law Offices of Kris Mukherji are here to help you with your estate planning needs. We know you do not want to burden your loved ones after your death. Let us help you come up with a plan that ensures your wishes will be carried out. Contact us today for a consultation.