Residents of the Miami area may be interested to know about the ongoing saga regarding the late Martin Luther King Jr.'s estate. The heirs of civil rights icon are suing to gain possession of a number of priceless documents that they say were intended for them. The individual who has them now is claiming they were once a gift from the late MLK. Unfortunately, King died without a will, and now the fate of these documents will rest in the hands of probate court.
What can we learn from celebrity estate planning miscues?
Many of us do not go about our estate planning the way celebrities do. After all, the rich and famous generally have more assets and immense wealth to account for. Their high-profile nature also requires them to protect their estate all the more.
Protect assets by titling them accordingly
Without a doubt, a living will is an important document and one that estate planning specialists would recommend to anyone over the age of 18. However, when it comes time for the government to distribute estate assets, it looks at how the assets are titled and not what a will specifies.
