The news surrounding the untimely death of actor Heath Ledger is sad, and contains a powerful reminder. When a child is born, update your will.
In the Ledger case, he had created a simple 3 page will in Australia before becoming famous...and before becoming a parent. The will left everything to his parents and siblings. News stories indicate that his family has given up the $20 million estate, which went to his 3 year old daughter.
The story continues to evolve though; nominated for an Oscar, the question becomes, what happens to the statue is he wins? Yahoo News has a nice story detailing the plan to have the Oscar held in a trust until his daughter reaches 18 and can legally sign a contract indicating that she won't sell it on the secondary market.
Sunday we'll find out if he wins, and a trust would be created. Enjoy the awards show.
Friday, February 20, 2009
And the Oscar Goes to.....Matilda's Trust?
Melinda Gustafson Gervasi is a Madison attorney and author whose current practice focuses on estate planning and probate. She is committed to increasing the public’s understanding of estate planning and probate issues. In 2013 she released her first book, Middle Class Philanthropist where she illustrates how anyone can leave a legacy. Gustafson Gervasi Law Office, LLC, 5555 Odana Rd., Suite 205, Madison, WI 53719
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