Estate Planning Peculiarities of the Rich and Famous
3/04
When your Will is probated, it is filed in your County’s Surrogate Court and becomes a public record that is available for anyone to see. For this reason, some people, celebrities in particular, place all their assets into Trust. Trusts are not probated and do not become public records. Property that is placed in a Trust is not probated and can remain private and confidential. Some celebrity Wills reveal some very peculiar details.
A prime example is the Will of Warren Burger, Chief Justice of the United States Supreme Court. Although Chief Justice Burger was the highest ranking lawyer in the Country, as an appellate judge, he never presided over a trial. He almost had the opportunity to preside over his first trial, the impeachment trial of President Richard M. Nixon, but that opportunity became moot when he was pardoned by President Gerald Ford. Apparently, Chief Justice Burger also had little experience in Estate Planning. He left a hand drawn 176 word Will leaving everything unequally to his two children. While hand drafting a Will does not effect its validity, Chief Justice Burger did not provide his executor with any of the powers customarily given to an executor. As you can imagine, this oversight led to litigation and cost his heirs lots of money.
In John Lennon’s Will, there was a simultaneous death provision. Typically, this provision is used to deem that the person making the Will has survived beneficiaries who die at the same time or shortly thereafter. In Lennon’s Will, the simultaneous death provision deemed that his wife, Yoko Ono, would have survived him. Since Lennon’s Will left virtually everything to Ono, had they died in a common accident, Lennon’s Estate would have passed through Ono’s Will. Lennon’s heirs could have been completely disinherited.
In his last Will Babe Ruth dictated that all of his sports memorabilia would be dispersed in accordance with verbal wishes that he, while he was alive, may from time to time express to his executors. Who knows what, if any, verbal directions Ruth may have expressed to his executors? This provision, took control from Ruth and placed it entirely in the hands of his executors.
Elvis Presley named his father as his Executor. Since children typically outlive their parents, this is generally not advisable; however, in Presley’s case, his father actually served as his executor.
Ben Franklin left his daughter a picture of the King of France set with 408 diamonds. In this bequest, Franklin’s Will had language “requesting however that she would not form any of those diamonds into ornaments either for herself or daughters, and thereby introduce or countenance the expensive, vain and useless fashion of wearing jewels in this country.”
Clark Gable left certain real estate to a former wife and everything else to his current wife. Walt Disney left his wife the option to purchase any of his real estate at its pre-determined appraised value.
Some celebrities dictate how their remains should be handled after their death. Henry Fonda’s Will states “I direct no funeral or memorial service of any kind and that my remains be promptly cremated and disposed without ceremony of any kind.” Napoleon Bonaparte’s Will stated “It is my wish that my ashes may repose on the banks of the Seine.” Napoleon’s Will provides extraordinary detail as to the financial bequests and personal artifacts he left to numerous generals, counts and soldiers who served under him.
The Wills of many celebrities are no different than those of the average U.S. citizen. Your Will should be reviewed periodically to make sure that it matches your Estate Planning objectives.