A Few Estate Planning Lessons Learned From Philip Seymour Hoffman

1. Make Sure To Have An Estate Plan

Oscar winner Philip Seymour Hoffman unexpectedly passed away at age 46 on February 2^nd, leaving behind an estate reported to be worth $35 million. Reportedly, Hoffman did only the basic of estate planning – a will and nothing else. It still remains to be seen how Hoffman’s estate will be divided.

2. Start Planning If You Know You Are Facing Personal Problems

Hoffman had faced alcohol and drug problems earlier in his life. He entered a drug rehabilitation program and remained sober for 23 years until relapsing in 2013. Hoffman passed away less than a year later. Police found injectable drugs at the scene of his death.

There is never a right time to start, but potential life threatening events are a signal to begin planning for what might happen after.

3. It’s Important To Have An Estate Plan Whenever Children Are Involved

Hoffman was survived by his three children, Cooper (10), Tallulah (7), and Wilia (5). It is important to think about estate planning whenever minor children are in the picture. If anything were to happen, who would be the children’s guardian? What about inheritance? How would you want your child raised?

4. Make Sure To Be Clear Who and What

Without proper dictation, it is hard for individuals who are not directly associated to receive anything under the law. Hoffman was survived by his longtime girlfriend Mimi O’Donnell, though they were never officially married. Legally undefined relationships such as this for example, may require additional planning in order to avoid any complications.

5. Update Your Documents

It’s important to keep your documents updated – a lot can change over time. Hoffman’s will was dated October 2004, his death was February 2014. Hoffman’s two youngest children were unmentioned in the will due to the fact that it was dated too far back.

Estate Planning questions? Contact New York Top Estate Planning Attorney Inna Fershteyn.

Call or visit the Law Office of Inna Fershteyn today.

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