Celebrity Deaths in 2020: And the Six Estate-Planning Lessons We Can Learn

Celebrity Deaths in 2020: And the Six Estate-Planning Lessons We Can Learn – Estate planners are often shocked to hear that wealthy celebrities have passed intestate, without a will or trust. This is especially true, since wealthy celebrities have the financial resources available to keep estate planning documents up to date. 

Below are few of the wealthy celebrities that died in 2020 with a discussion on what we can learn from their mistakes or successes in estate planning. 

Tony Hsieh (1973-2020): $850 million 

Tony Hsieh, the founder of Zappos passed away after a fire broke out in one of his homes. Hsieh’s critical mistakes in estate planning have become a popular topic of conversation. Hsieh died without a will, but left thousands of sticky notes representing potential business deals and financial commitments pasted all over his mansion in Utah. Hsieh owned multiple properties in different states and it is unclear exactly what type of property they are in regard to estate distribution. 

Kobe Bryant (1978-2020): $600 million 

Kobe was known for his elite basketball skills, but he was also known as a “savvy businessman, brand-builder, and investor.” Kobe did have an estate plan in place at his death, which protected his assets, reduced tax-liability, and passed his wealth to his family members. However, Kobe did not get around to updating his estate plan after the birth of his daughter who was six months old at the time of his death. 

Due to this oversight, the trustees of the Kobe Bryant Trust had to petition the court to fix the oversight, which made the trust and its terms public record, destroying the secrecy of the estate plan. 

Kobe’s mother-in-law also became enraged when she found out she was not taken care of under the will alleging that Kobe had promised to do so, and for the rest of her life. 

Ruth Bader Ginsburg (1933-2020) $5–7 million 

Not much is known about RBG’s estate, but probably for good reason. Typically, when an estate plan is done correctly, the details are not spread all over the media. Thus, it is assumed that the Supreme Court Justice and pioneer for equality had her affairs in order prior to her death. 

The lessons to be learned are:

1. Make an estate plan 
2. Update your estate plan 
3. Minimize family disputes and honor your promises 
4. Avoid unnecessary administrative expenses
5. Honor charitable giving, and 
6. No news is good news. 

Article Written by: Gerry W. Beyer

Did you enjoy reading, Celebrity Deaths in 2020: And the Six Estate-Planning Lessons We Can Learn?

 Interested in learning more about this subject? Attend our upcoming estate planning webinars!

Have You Properly Protected Your Loved Ones? (FREE Estate Planning Workshop)

Watch this short youtube video from Forbes on 4 Wealth Tax Flaws That Will Do More Harm Than Good

Join us for a free Trustee and Power of Attorney Training School Webinar, Medi-Cal Webinar, and/or Probate Webinar. Get registered today for our estate planning webinars!

This website is not intended to be a source of solicitation or legal advice. General information is made available for educational purposes only. The information on this blog is not an invitation for an attorney-client relationship, and website should not be used to substitute for obtaining legal advice from a licensed professional attorney in your state. Please call us at (626) 403-2292 if you wish to schedule an appointment for a legal consultation.

For more information about The Hayes Law Firm, visit our Google My Business page.

Thank you for Reading, Celebrity Deaths in 2020: And the Six Estate-Planning Lessons We Can Learn

• Author
• Recent Posts

William Hayes

As an attorney in private practice in Los Angeles County, California William Hayes provides extensive estate and tax planning services to individuals and businesses in Los Angeles, Pasadena, Glendale, Burbank and surrounding communities. Attorney Hayes’ primary focus is to help clients avoid probate, protect their assets, and provide for the security of their loved ones with a well-crafted estate plan. He believes in giving each client the time needed to explain his or her needs and wishes and then dedicates his efforts toward making the client’s desires clear in their final estate plan.

Latest posts by William Hayes (see all)

• Avoid These Top Trust Problems - September 18, 2023
• Should I Leave My Child A Buck? - September 12, 2023
• For Estate Planning, Try FIRE - September 12, 2023