Even the Rich and Famous Fail to Plan Properly
Philip Seymour Hoffman obviously had several demons involved in his life before its tragic premature ending, and maybe updating his estate plan wasn't at the top of his list. However, the legacy he left his family and friends is probably not one that he would have wanted. It does, however, give this trusts and estates lawyer an opportunity to demonstrate how each of us can learn from PSH's errors (besides not doing drugs). As reported in Forbes , PSH's will was signed after his first-born, but was not updated when his next two children were born. Now, like in NY, the laws will typically provide some protection for "after born heirs" (those kids born after a will) but with some missing language in PSH's, plus some other problems, the issue will not be clearly determined until the court's get involved. In Iowa, a child born after the execution of a will and which they are not provided for under the provisions of the will, will receive the amount the...