Why it matters that Luke Perry had an estate plan

California residents and others have likely heard about the recent passing of actor Luke Perry. He died on March 4 of a stroke, which is incorrectly believed by some to be a condition that only elderly people are afflicted by. However, Perry had taken steps to create an estate plan prior to the stroke occurring. This allowed family members to decide to end care while in the hospital.

He had created a will that left his possessions to his two children. The will was created in 2015 after it was discovered that he had precancerous growths on his body. There is a chance that his fiancée was left money or other items either through a will, trust or some other mechanism. The two were not married at the time of his death, which means that she is not entitled to inherit any of his possessions.

It is also not clear if Perry had a trust to go along with the will. If a properly funded trust does exist, it can save his family a lot of time and public exposure by avoiding probate. The primary takeaway from the Luke Perry story is that estate planning can be worth doing at any age. Even if a person doesn't die from a stroke, the condition can still cause medical and other complications.

The process of will or trust planning may make it easier to ensure that a person's wishes are respected after he or she passes. Having a clear plan may prevent family infighting or other stress for those left behind. By creating an estate plan as early as possible, individuals may care for their loved ones in the event of an unexpected injury, illness or death.

Related Posts: Estate planning for chronic illness, Using a trust, BIG NEWS ON TRUST TAXATION, When trusts are better than wills

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