3 Celebrity Probate Disasters and Tragic Lessons
One would assume that celebrities who have accumulated great wealth would take steps to protect their estates. Not so. Some of the world’s richest and most famous people enter the pearly gates with no estate plan, while others have made estate planning mistakes that tied their fortunes and heirs up for years in court. Let’s look at three high-profile celebrity probate disasters and discover what lessons we can learn from them.
1. Tom Carvel, The Ice Cream Man
When he died in 1990, Tom Carvel, the man who invented soft-serve ice cream and established the first franchise business in America, had a net worth of up to $200 million.
He had a will and accompanying trust for his widow, family members, and donations to several charities. But he also named seven executors, all with a financial stake in the game.
The executors began a round of infighting that lasted for more than 7 years and cost millions. In the end, Carvel’s widow passed away before the disputes could be settled.
Lesson learned: “Too many cooks spoil the broth.” Your trustee and executor may have to make tough decisions. Consider naming executors and trustees with no financial interest in your estate to reduce the risk of favoritism. Also, consider having only a single trustee and executor rather than a committee.
2. Jimi Hendrix, The Guitarist
Passing away tragically at age 27, rock guitarist Jimi Hendrix left no will.
What he did leave behind was a long line of relatives, music industry bigwigs, and business associates interested in what would become of his estate - including intellectual property that would continue to earn cash long after his death.
An attorney managed the estate for the first two decades after Jimi’s death, after which Jimi’s father, Al Hendrix, successfully sued for control of the estate.
But when Al attempted to leave the entire estate to his adopted daughter upon his passing, Jimi’s brother, Leon Hendrix, sued, launching a messy probate battle that left no clear winners.
Lesson learned: When you don’t leave a comprehensive estate plan, the conflict can last for generations. Even if you’re not a celebrity, putting your wishes into a legally-binding document can avoid conflict that proves costly not only in dollars and time but, more importantly, in relationships.
3. Prince, The Musical Genius
The court battle waging over Prince’s estate is a probate disaster.
When the 80’s pop icon died in early 2016, he left no estate plan (reportedly due to some previous legal battles that left him distrusting legal professionals).
The lines are already being drawn for what will likely be a costly and lengthy court battle among Prince’s heirs.
Sadly, there’s even a battle looming about determining, for sure, who his heirs actually are.
Lesson learned: Accurate legal documentation protects your legacy. Don’t let general distrust or a bad experience propagate through the generations, leaving your heirs to fight and potentially lose their inheritance.
These celebrity probate disasters are stark reminders that no one’s wealth is exempt from the legal trouble that can occur without proper estate planning. As always, we help you protect your family and legacy.
Treetown Law is here to help you every step of the way. Please contact us today to get started!
