Even high-profile professionals need careful estate planning
It is easier than ever to find out details on a person’s life; this is especially true for people who are in the public eye. Actors, musicians and other high-profile personalities often give up a great deal of privacy when they are well-known or famous.
If someone in the public eye passes away, there is an even greater desire for people to want to learn about the intimate details of his or her life, including the contents of an estate. With that in mind, it is crucial to take steps to protect your privacy, your assets and your personal wishes in the event of death or incapacity if you are a high-profile personality.
Some people assume there is nothing they can do — or need to do — to keep things private after they have passed away. However, making planning decisions like setting up trusts can keep details of an estate private. Even if you don’t prioritize your own privacy, you could have family members and business partners who would prefer that details affecting them stay private.
Protecting complex assets
High-profile people often have complex assets to manage. This might include intellectual property rights, collectibles and memorabilia that will be distributed upon the owner’s death. As this article notes, handling these complex (and often very valuable) assets can require added efforts in the way of valuation and transfer, so it is important plan accordingly.
Protecting your wishes
You may feel very in control of what you put out, from creative endeavors to your image. However, if you become incapacitated, you lose control over these and other elements of your life. Rather than let other parties make decisions you would not want them to make, you can include with your estate plan healthcare directives and powers of attorney, among other tools that can protect your wishes if you pass away or cannot make legal decisions.
People who are in the public eye often make sacrifices or compromises in their personal and professional lives. However, when it comes to wishes regarding your affairs after you are gone, you should be feel like you have to give up what you want. You can instead discuss your options with an attorney who can help you build a solid estate plan that meets your needs.