Walt Disney World is a great vacation spot and a wonderful way to spend the holidays. We just returned from there with our three children. So it’s ironic that we recently learned about a messy court fight involving two of Disney’s grandchildren and their share of the massive Disney fortune.
Disney passed in 1966 at the age of 65. He left behind two daughters and 10 grandchildren. One of his two daughters, Sharon Mae Disney, had married and then divorced a real estate developer named Bill Lund. Lund was the man who located and helped select Orlando, Florida as the site for Disney World. Sharon and Bill had twins, born in 1970, named Michelle and Brad.
Sharon created trusts to pass on her share of the Disney fortune to her three children (her other child was from a prior marriage). Under the trusts, the twins were entitled to substantial distributions.
How substantial? In additional to yearly distributions of around one million dollars, they can each receive larger amounts, every 5 Read more...
The Business Insider recently published an article featuring Trial & Heirs‘ Top 10 Celebrity Estate Planning Mistakes. Here they are:
1. Jimi Hendrix’s Critical Error: Doing Nothing
If you do not plan your own estate while alive, you could end up like Jimi Hendrix and have someone that you barely knew controlling your legacy. Hendrix’s legacy was fought over in court more than 30 years after he died.
2. Justice Warren Burger’s Critical Error: Doing It Yourself
Former Supreme Court Justice Warren Burger created his own will with 176 words but he left out key provisions and his family paid the price.
3. Heath Ledger’s Critical Error: Not Updating
Heath Ledger never updated his will with the birth of his daughter, leading to chaos and family members fighting through the press.
4. Princess Diana’s Critical Error: Taking Shortcuts
Princess Diana used a “letter of wishes” leaving personal items to her godchildren instead of specifying her wishes in a will or trust.
5. Florence Griffith-Joyner’s (Flo Jo) Critical Error: Forgetting Read more...