The Young and the Will-less

Apr 29, 2019 | Wealth Management

Kristoff St. John, a star of Young and the Restless, passed away recently at the age of 52 without a will.  His eldest daughter, Paris, stepped in to petition the court to be the administrator of the estate.  However, Kristoff’s father recently joined the fray presenting an apparent handwritten will the actor completed a few years ago naming him as the executor.  The will leaves 75% of his assets to Kristoff’s youngest daughter, Lola, and 25% to Paris.   Paris is not so thrilled with this turn of events and is now challenging this motion by her grandfather claiming the will is missing a page and was part of a private diary that should never have been viewed by anyone in the first place.   She also does not want grandpa handling her father’s estate.  I may be going out on a limb, but something tells me they won’t be going to the upcoming grandfather-granddaughter dance!

Kristoff St. John is just another in a long line of celebrities to die without proper estate planning.  Aretha Franklin died without a will last August with an estate valued at $80 million.  Prince died in 2016 without a will with an estate valued at $200 million.  With royalties and unreleased works, the values could go much higher and with that much money involved, the legal battles will continue to be fierce and expensive.  Jimi Hendrix died in 1970 without a will and the battle over his estate is still going on today.   One celebrity who died recently but did have a will is Glen Campbell.  However, in his will he excluded by name three of his eight children...just like a Rhinestone Cowboy!  As you might guess, those three children are challenging the will’s validity which is sure to be another expensive legal rodeo.

Regardless of the size of your estate, be sure you have your estate planning in place.  A will is just part of a comprehensive estate plan that includes other items such as a durable power of attorney, health care power of attorney (same as a health care surrogate) and a living will.  A trust may or may not fit into your planning and is why we recommend sitting down with a qualified estate planning attorney to discuss all the options.  A solid estate plan is one of the best gifts you can give your family.  Remember, in Kentucky, if you don’t have a will, the state has one for you and you probably won’t like it. 

If you have questions or would like a review of your current estate plan, give me a call. 

Have a great week!

Jeff

Jeff Schriefer
Vice-President
Senior Wealth Advisor
Wealth Management
Bank of the Bluegrass & Trust Co.

215 Southland Dr
Lexington, KY 40503
859-233-8929 Office

 


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