We mourn the passing of another great actor this month. Philip Seymour Hoffman had been called one of the great actors of this decade. Hoffman is best known as an Oscar winning actor that had roles in such movies as Capote, Boogie Nights, and Hunger Games: Catching Fire. But sadly instead of talking about another great acting success, we are discussing his passing and the lessons that we all can learn.
Hoffman’s death was very sudden and tragic, apparently from a drug overdose. He had admitted to struggling with drug dependency in his early twenties, but had remained sober for over 23 years. It was not until a little over a year ago that he had relapsed. At this crucial point in his life, when he was facing serious life altering problems, it was the best time to ensure that an estate plan was completed. No one likes to think of their own demise or having to put their affairs in order. However, when life events such as checking into rehab or a major medical incident occur, it should be a wakeup call that there is no time like the present to be sure you have taken care of necessary and critical estate planning.
Philip left behind three young children. Anytime minor children are involved, it is important that there is a guardian in place as well as a backup guardian. Also, stating who would manage any monetary inheritance for his underage children is extremely important. Hoffman is survived by his longtime partner so the care of his children may not be an issue. However, any inheritance that might be received could have potential snags if his wishes were not well documented. Undefined relationships in the eyes of the law can cause issues and potentially cause a disinheritance, especially where the laws of intestacy take over. The unmarried survivor might not receive anything. It is best to plan ahead making your wishes known in a well prepared estate plan.
We have yet to hear any concrete details about Hoffman’s estate, and hopefully public details will remain few, which would mean that he did have an estate plan in place, thus keeping it all private for his family.
Why Choose Morris Hall:
You have a number of options when it comes to estate planning, so why pick Morris Hall? First off, estate planning and asset protection are a very complicated endeavor and you should only trust someone who focuses exclusively on those matters. Also, MH is a proud member of The American Academy of Estate Planning Attorneys (AAEPA) which provides us additional support, advanced training, tools and information that is not available to others – which means that we can better protect your assets and your loved ones. We are one of only two firms in Arizona that belong to the AAEPA and are the only firm in New Mexico that has been granted membership. If you have assets and loved ones that you want to protect, you are in good hands with MH. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.