Another Celebrity Leaves Sizable Estate, But No Will

Actor Anton Yelchin, best known for his role as Chekov in the revamped Stark Trek movies, died tragically in an accident on June 19, 2016. Mr. Yelchin, left behind a sizable $1.4 million estate and no will. He follows other notable celebrities like Prince and Amy Winehouse who suddenly passed on leaving substantial estates, but no estate plan. Mr. Yelchin was only 27 years old, but he had at least $641,000 in personal property and had $731,000 in equity in his home, according to the Associated Press. His parents filed to become administrators of his estate in Los Angeles Superior Court. Our deepest sympathies go out to Mr. Yelchin’s parents. Losing a child is a gut-wrenching experience no child should have to endure. Unfortunately, their stress was likely exacerbated learning that there was no will, trust, or any other estate plan for their son. Mr. Yelchin was not married and had no...

26 April

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Big Estate Planning Mistakes Many People Make (But Can Easily Be Avoided)

Posted by Bobby Feisee

in Bobby's Blog

Properly organizing your financial and personal assets, planning for disability, and leaving your legacy should be is the central goals of estate planning. It is important the focus stays on your personal goals and making the transition smoother for your loved ones. Unfortunately, many people who opt to “go it alone” and not consult with an estate planning attorney, make some bad (and totally preventable) mistakes that adversely affect their estate plans. Below are three common estate planning mistakes that occur, unfortunately, far too often: 1. Never taking the time to even come up with an estate plan. This one really bugs me, but it’s an undeniable fact – thousands of people fail to take the time to create an estate plan. The result? When you pass away, the laws of intestacy will apply and there’s no guarantee that your estate will be distributed to the people you care about most....

26 April

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Dying Without a Will in Maryland, Virginia or D.C. – Understanding the Differences in the DMV

Posted by KarenLewis

in Bobby's Blog

There is an area known as the “DMV”, which is a nifty acronym for the District of Columbia, Maryland, and Virginia. People who reside in the DMV routinely travel between these states on a regular basis (D.C. isn’t technically a state, but for the purposes of this blog, we’ll just call it a state). Just because these states are neighbors, does not mean that they share the same laws when it comes to passing assets on to your loved ones if you die without a will. If you suddenly pass away and do not have a valid will, you have died “intestate”. Each state has laws on the books that establish an orderly process for what to do with your estate in this situation. Here are the relevant provisions for residents of the DMV region: DISTRICT OF COLUMBIA D.C.'s intestacy law will pass your assets to your closest relatives. A court will...