Having an estate plan that protects and provides for your loved ones is not only smart, it’s necessary. Without one, your family, friends, or the charitable organizations you wish to provide for may not receive your gifts.
It’s also important to remember to update your estate planning documents whenever something changes which would affect your intentions.
Sadly, he died of cancer in 2008 leaving behind a grown daughter from a previous marriage as well as his current wife, Sherri Alexander, who was pregnant with his son. As a self-admitted workaholic, Crichton never got around to updating his estate plan to provide for his unborn son.
When he passed, his net worth was approximately $175 million. Sherri Alexander filed a lawsuit against the estate to include her son in the will. However, Crichton’s grown daughter, Taylor, opposed the lawsuit and a long and drawn out court battle ensued. A judge ruled that the son would inherit, but it likely cost millions of dollars in attorneys’ fees and much stress before that decision was made.
No One Likes To Think About Death, But It’s Necessary
Most people don’t like to think about their own death and dealing with estate planning documents often forces us to do just that. However, as these situations show, it’s an important and necessary task to undertake.
Find out how we can help you protect your loved ones whenever you’re facing a pregnancy, birth, marriage, divorce, or anything which can affect your estate.