Anthony Bourdain may not have left his affairs in perfect order.
We often think celebrities have life figured out.
They are human, too.
They have their own demons to fight.
This was true with Anthony Bourdain who took his own life just a few months ago.
According to a recent Investment News article titled “Will of Anthony Bourdain could be open to legal dispute,” he left his loved ones with grief and a possible estate battle.
Although Boudain was an author, a television personality, and a celebrity chef, his finances did not reflect his status.
Early estimates for his estate reached $16 million.
He left about $1.21 million.
Although his will and trust designated his 11-year-old daughter as the primary beneficiary, she will not have access to the assets until later.
Two distributions are scheduled.
One when she turns 25.
The other when she turns 30.
She can have access to the remaining balance when she turns 35.
Until then a court-appointed guardian will protect her inheritance.
The goal of this type of trust is to set up his daughter for success in managing the money.
Bourdain did name is estranged wife as executor and left her a few personal effects.
He may have unknowingly left her more.
If the divorce was never finalized, Ottavia could be eligible to elect to receive up to one-third of the estate of her ex-husband.
As you can see, estate planning can be complicated and each state has specific rules.
You should work with an experienced estate planning attorney to create a plan to best meet your needs.
So, how do you find an "experienced" estate planning attorney?
First, ask around. Friends, family and other professional advisors are trustworthy sources.
Second, conduct an "organic" search on "Google" for "estate planning" near you (e.g., "Estate Planning Anytown MoKan").
Third, either way, verify! Check out the education, experience, ratings and client reviews of any attorney before you contact him or her.
In fact, I use both of these services to thoroughly vett attorneys before referring members of our "client" family for legal help in other areas of law or for matters in jurisdictions outside Kansas or Missouri.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Investment News (July 9, 2018) “Will of Anthony Bourdain could be open to legal dispute”