Too Young to Plan?
The death of a celebrity will sometimes cause the media to focus enquiry on estate planning. We recently blogged about the circumstances surrounding Prince’s intestacy and the possible heirs of his estate. Anton Yelchin, a 27 year old actor best known for his role in the Star Trek movies, has passed away. His death has raised a number of interesting points.
First and foremost this case raises the importance of why it is a good idea to estate plan at a younger age.While there is no target age when a will should be written, estate planning is a consideration that Millennials should take into account. Yelchin was a successful young actor who accumulated a large amount of wealth in his career. His family and friends would likely have benefitted from the crafting of an estate plan as it would give them some direction pertaining to his wishes for his money and his legacy as an actor. It would have also saved his parents the uncertainty of trying to take control of his estate while coping with his death.
As Yelchin passed away without a will, the court will ultimately decide who is appointed to distribute his assets. Yelchin’s parents are currently applying to the court in order to oversee the distribution of Yelchin’s estate. If this estate were to be in Ontario Yelchin’s parents almost certainly would be appointed as estate trustees by applying for a Certificate of Appointment of Estate Trustee Without a Will. As per the Succession Law Reform Act in Ontario, if an individual dies with no surviving spouse or children (as is the case here), his or her parents would inherit his estate.
It is important to consider the possibility of crafting a will at a younger age in order to ensure one’s wishes are fulfilled, and as a preventative measure against costly and unnecessary litigation.
Thank you for reading.