Planning for your Will

Remember that famous movie Austin Powers? Remember Powers’ right-hand woman, Vanessa Kensington, played by Elizabeth Hurley? Of course you do! Unfortunately, Hurley (much like the rest of us) is not doing too well: she is devastated that her son has been cut out from his grandfather’s $250 million dollar fortune.

With his mother a famous actress, Damien Hurley will no doubt be set for life, with the vast connections and resources his mother has, but it is more than just about money, people want to feel connected with with their family members. Being cut out from an inheritance, can feel as though they are being left out and ostracized. Steve Bing was the father of Damien and wanted his son to be financially secure. Both Damien and his sister, Kira, were cut off from their grandfather’s inheritance. Dr. Peter Bing, the father of Steven Bing, had refused to acknowledge the two siblings, as they were born out of wedlock. Kira Hurley, the daughter of Elizabeth, tried access some of her grandfather’s funds (in Trust) that she believed she qualified for. 

The trust in question was arranged as follows: “any grandchild must be “raised by my children as part of their families” and that his trust “would not benefit any person bought out of wedlock unless that person had lived for a substantial period of time as a regular member of the household.” This is a complicated situation, to say the least! 

You can read more about the whole debacle here: Hurley’s son cut off from $250 million dollar fortune.

Prince was a musical icon whose career spanned several decades, and his work has left a lasting impact on the music industry. From his innovative sound to his flamboyant style, there are many lessons that can be learned from Prince’s life and work. The musician also offers lessons on estate planning. 

One of the most important lessons that can be learned from Prince is the value of creative freedom. Throughout his career, Prince was known for his uncompromising approach to music and his willingness to experiment with different sounds and genres. He was never afraid to take risks or push boundaries, and this helped him to stand out from other artists of his time.

Another lesson to be learned from Prince is the importance of hard work and dedication. He was known for his intense work ethic, spending countless hours in the studio perfecting his music and live performances. This dedication to his craft helped him to create some of the most iconic songs and albums of all time, and it serves as a reminder that success often comes from hard work and perseverance.

Prince was also a master of self-expression, and his music and style were a reflection of his unique personality and identity. This is a lesson that can be applied to all areas of life, as embracing our individuality and expressing ourselves authentically can help us to connect with others and find fulfillment in our lives.

 Prince Rogers Nelson, passed away without a Last Will and Testament in 2016. You can read more about that here. Prince passed away without a Last Will and Testament, which inevitably lead to squabbles over his estate. There are many important lessons to learn about estate planning from Prince, lessons that go beyond simply having a Last Will and Testament in place. Read more about that here: Prince and Estate Planning.

The world was saddened by the news of Larry King’s passing on January 23, 2021. Known for his unique interviewing style and his ability to connect with people from all walks of life, Larry King was a broadcasting legend who left an indelible mark on the world of journalism.

As with many high-profile individuals, King likely had a well-crafted estate plan in place. Estate planning is the process of preparing for the transfer of an individual’s assets and wealth after their passing. It involves creating a will or trust, and appointing an executor or trustee to manage the distribution of assets to beneficiaries.

King had been married eight times and had five children, which could complicate matters in terms of inheritance. However, given his wealth and fame, it is likely that King took the necessary steps to ensure that his estate was properly planned and managed.

 Larry King’s estranged wife,  Shawn Southwick King, is currently embroiled in a battle over his fortune. You can read about it here:   The Executor of King’s Estate.

 Larry King’s passing has brought attention to the topic of estate planning and inheritance. While his legacy will be remembered for his contributions to journalism and broadcasting, his personal affairs remind us of the importance of having a well-crafted estate plan in place. It is a gift that we can leave to our loved ones, ensuring that our assets are distributed according to our wishes, and our family is taken care of after our passing.