Avi Z. Kestenbaum, co-chair of Meltzer Lippe’s Trusts & Estates Department, is featured in an article published in InsuranceNewsNet magazine discussing why successful, noteworthy people often fail to properly plan for the disposition of their estates after death. Such people include Prince, Jose Fernandez, Pablo Picasso, Audrey Hepburn, Muhammed Ali, B.B. King, Alan Thicke, Carrie Fisher, and Zsa Zsa Gabor.
Addressing the need to avoid conflict among estate beneficiaries, Mr. Kestenbaum notes that a four-step process is useful; this process involves:
- Not putting individuals who are not liked by the beneficiaries in a position of power over them.
- Using as many neutral people as possible.
- Not leaving assets for people jointly.
- Discussing estate planning with loved ones in advance so that they know what to expect.