Estate Planning Lessons from Anna Nicole Smith

Every so often I post on estate planning to remind others and myself of the importance of having a complete estate plan. For most people, that means a simple will and a few accompanying documents. For others, it means a trip to the lawyer's office for more complicated planning. But no matter what your situation, it's vital that you have a plan for what happens to your money and belongings in the case of your death.

Yahoo recently discussed lessons to be drawn from Anna Nicole Smith's lousy estate plan. It appears it would have been easy for her to avoid the entire mess by following a few, simple steps such as:

Clearly defined language and the vetting of a professional estate planner would have avoided the mess Smith's estate is in.

This is why I use a professional for my estate plan. Then again, I assume she used a professional as well.

Regardless, consider this my reminder to us all to either 1) get a will or (if you have one already) 2) update your will if it's been some time since it was written.

For more on the topic of estate planning, see these links:

• You Need a Will

• Benefits of a Will

• How to Choose a Guardian for Your Children

Comments

[Chris]

I disagree. The language of the will was fairly clear, and it appears she intended to leave her entire estate to one person: her son. She also included in it an exclusion to the money going to anyone else, including any future children she may have. I do not know why anyone would specifically exclude their own future children from inheriting anything, but maybe there's some legal reason for it.

Anyway, I think the lesson here is to update your will whenever necessary! If your only beneficiary dies, it might be smart to make a note of it.

Also a good lesson, living a crazy lifestyle and sitting around taking drugs will kill you quickly an unexpectedly. Paris Hilton and Britney Spears should be updating their wills on a monthly basis.

[segfault]

I haven't read Anna Nicole's will, but depending upon the language, it's possible that her estate would go to her deceased son, who presumably had no will, and it would then be inherited by whomever the intestacy laws said it would.

Anyway, it's hard to say you've engaged the services of a professional when that same professional is involved in a relationship with you... It's best to avoid mixing your personal and business life so closely.

[segfault]

Meant to add in first paragraph: Once the bounty was in the deceased son's estate, the intestacy laws would determine its fate. It could very well go to his half-sister.

[Robin]

Nicole Smith and Howard K Stern were con artists in their own twisted ways

Drugs, drinking and the hope of con the Marshall Estate was a the goal. Nicole did not deserve any money from that Estate, I hope the Marshall Family stick to their guns.

Stern is looking out of No. 1 , himself, He allowed and never stopped Nicole from taking drugs, he only supported her habit, nor did he help Daniel. He was a person who stood in the way of getting what he though Nicole had. She had not talent, and what makes is sick is the Baby will be paying the price of a
drug, drinking, vain self centered person like Nicole.

She was not even pretty, she was a large woman, All she did was exploit her month show her teeth and breasts and the rest of body. Sick Sick

I hope Stern gets nothing, but a good jail time.