The Facts of Life - Be Prepared George Clooney
It was hard to get away from the news – George Clooney was finally going to settle down and live the married life.The news stations and internet were flooded with pictures and updates as if this was really the biggest thing happening that day. To George and his bride was it really ‘that big of a thing’? Did they realize that they are at a point where they need to reevaluate their now joint financial situation? If they’ve learned from celebrities before them, proper financial planning is crucial before and after a marriage. Here are some of the horror stories they should learn to avoid as they start their life of bliss…
Prenups aside, they need to now define their intentions by creating or updating wills, trust documents and life insurance beneficiary designations. This is a step commonly missed while the fog of bliss is still present. Look to the woes of Marilyn Monroe and Jim Morrison, whose estates ended up in the hands of people they barely knew because they never properly defined their intentions.
Make sure these wishes are detailed in writing as well. Marlon Brando, Howard Hughes and even Princess Diana had issues arise after death because they had only verbally (or not officially) disclosed their final wishes. Also, keep these documents in a safe location. Famous Olympian Florence “Flo Jo” Griffith-Joyner’s will could not be located resulting in a multi-year legal battle that could have been easily avoided.
And don’t forget to keep documents updated! Taking stock of where your estate plan stands after major life events is crucial. We’ve all heard of the troubles Heath Ledger ran into by forgetting to add his child to his will after she was born.
So congrats George and Amal – we all wish you happiness. We also hope you’ve learned from other’s mistakes and you don’t make any of the same financial faux pas your predecessors made.
About the author: Seth Gowdy is the Sales Manager for Pivot Insurance and holds multiple insurance and securities licenses. He has been part of the financial services industry for nearly 20 years. In his free time he enjoys being outdoors fishing, hiking, and geocaching with his wife and two children. Seth most enjoys helping clients with Pivot’s anonymous life insurance quote process and needs calculators. You can reach Seth at 1-800-651-1953 or SGowdy@pivot.com.