WHAT CAN BE LEARNED FROM PAUL WALKER’S ESTATE?
The untimely death of a young celebrity is undeniably tragic. Not only is it tragic, it also serves as a reminder of the mortality all humans share. Accidents can happen to anyone and in most cases, they are entirely unexpected. This is why, no matter how old a person is, it is always prudent to plan for the future and be prepared for the unexpected.
Florida residents who have paid even the slightest bit of attention to the news have likely learned of actor Paul Walker's untimely death. At just 40-years-old, the Fast and the Furious star died tragically in a high-speed car accident. Recently, Walker's father filed to open the deceased actor's estate.
As revealed by the will and probate filing, Walker left behind assets worth roughly $25 million dollars. $8.5 million of this is in real estate, another $8.5 million is in expected income and $8 million is in personal property. In addition to the asset value, the filing also revealed that Walker had a revocable living trust. In the living trust he listed his daughter as the sole beneficiary. Walker's mother was listed as the guardian of the trust and caretaker of the money.
Naming a guardian for young children is almost always a smart move for Florida residents in the process of estate planning. This is one lesson that can be learned from Paul Walker's estate. What's more, the actor proved that any age is appropriate to plan an estate. Walker signed the will when he was just 28-years-old. Seeing as his death was highly unplanned and unexpected, this was a very smart move. It further proves that estate planning is an important step for people of all ages who wish to protect the interests of their loved ones.
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On behalf of J. Kelly Kennedy, Attorney/CPA, PLLC, which has been acquired by Rignanese & Associates, PLLC.
Source: Forbes, "Five Estate Planning Lessons From The Paul Walker Estate," Danielle and Andy Mayoras, Feb. 10, 2014