The death of famous designer L’Wren Scott has led to some debate over her estate plan. The well-known fashion designer passed away earlier this month after committing suicide. In a surprising twist, she left her entire estate to her boyfriend, Rolling Stones frontman Mick Jagger.
Her will lists Mick Jagger as the sole beneficiary of her $9 million estate. Her will did not include her siblings and they are set to receive nothing from her estate. In addition to her fortune, Mick Jagger is also listed as the beneficiary to her automobiles, furniture, clothing, jewelry and other personal items.
Leaving her entire estate to her boyfriend could lead to some tension with her siblings. However, reports show that she wasn’t very close with her two siblings, which is likely why she didn’t name them in her will. Her siblings could possibly contest her will, but they would have to prove that she was not in the right mental capacity when the will was created or that the will is missing legal requirements. There are no reports of her siblings stating they want to contest her will, but it is a possibility.
The fact that she left her entire estate to one person may seem shocking, but it is more common than you think. If you are drafting your will and are leaving your estate to only one person, you should definitely discuss it with that individual. It can also be helpful to discuss your will and other estate planning documents with other family members or loved ones who may think they will be named as a beneficiary in your will. Discussing the specifics of your will now can reduce stress and hurt feelings in the future as well as prevent potential legal battles over your estate.
Source: Hollywood Life, “L’Wren Scott: Real Reason She Left Estate To Mick Jagger, Not Siblings,” March 27, 2014
Many children from wealthy families in California assume they will be receiving an inheritance from their parents. The popular belief that parents will leave a significant amount of wealth to their adult children after they pass away may actually be a myth, according to a new survey by HBSC.
The survey found that 59 percent of parents in the United States plan to leave their children any inheritance. Does this number seem low? That’s because it is the lowest percentage of all the countries surveyed.
Why are parents in America less likely to give inheritance to their children compared to the other nations involved in the study? There could be several reasons, but many estate plans in the U.S. are changing and seeing baby boomer couples focus on spending more of their wealth instead of saving it all to pass on to their children.
Part of the reason fewer parents are planning to leave an inheritance could be due to more parents thinking leaving a significant amount of wealth can actually harm their children. Some parents think if their children already have a lot of money, they won’t feel the need to try as hard to go to college or follow career aspirations. Other parents may want to see their children earn their fortune on their own.
Whatever the reason, fewer parents are planning to leave inheritance for their kids. The question is: do the kids know this? Like we said, many adult children in California believe they will receive an inheritance from their parents. Some of them may be in for a big shock when they don’t receive as much or any inheritance from their parent’s estate plan. This could leadto very hurt feelings and resentment.
That is why parents need to think about whether or not they want to leave their children inheritance. After making this decision, it is best to discuss the issue with your children before it’s too late. Talking about your estate plan and if you are leaving any inheritance to your kids can be challenging, but discussing the issue now can reduce any hurt feelings, anger and resentment in the future.
Source: Forbes, “Why Bother Leaving an Inheritance for the Kids?” Larry Light, Feb. 27, 2014