The Law Offices of Scott Alan Morrison, P.A.
Frederick
Location
301-694-6262
Hagerstown
Location
301-293-0010

Paul Walker leaves estate administration lessons behind

Usually art imitates life; however it also works in the opposite direction as well. This seems to have been the case with Paul Walker, who most people in Maryland may remember as the star actor in the Fast & Furious movie series. The actor was recently killed in a high-speed car crash. However, the actor's death has put light on various estate administration issues which could be applicable to anybody.

One lesson which many people can learn from Walker's estate planning strategy is the use of a revocable living trust. Some individuals only create a last will and testament and believe this is enough planning for distributing an estate. Although a will is important, beneficiaries will still have to go through the probate process in order to receive assets left to them from an estate. Walker's will left all of his assets to a trust which he had created, which will make the probate process more streamlined and simpler.

Another smart estate planning move which Walker made was to name a guardian for his minor child in his will. Walker named his mother, the grandmother, as the guardian of his daughter. However, this does not mean that the mother will automatically lose custody of the daughter. On the other hand, if the mother is deemed unfit by a court, custody of the daughter will be more easily decided.

These estate planning moves are just some of the strategies available to use when planning for estate administration in Maryland or in any other state. However, it is important to look at each individual situation, since not all estate planning goals are the same. Additionally, it is important to carefully draft the legal text of the estate planning documents in order to avoid having the documents challenged in probate court.

Source: Forbes, Five Estate Planning Lessons From The Paul Walker Estate, Danielle and Andy Mayoras, Feb. 10, 2014

No Comments

Leave a comment
Comment Information
  • Best Of The Best The Frederick News Post
  • Bar Association Of Frederick County, Maryland
  • NAELA National Academy Of Elder Law Attorneys, Inc.
  • Maryland State Bar Association Inc.
  • Washington County Bar Association , DC Bar
Form Submit Button

Schedule Your Free Consultation Today

For more information and a free consultation with a Maryland estate planning attorney, call us at 301-694-6262 or fill out the form below. We provide clients with the estate services they need.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

We have offices in Frederick and Hagerstown, Maryland, to serve you.

Evening, weekend and off-site appointments are available upon request. Free parking is available at our Frederick office.

Our office will follow the same closing & delays as Frederick County Public Schools for both offices due to inclement weather.

Frederick Office
141 W Patrick Street
Suite 300
Frederick, MD 21701

Phone: 301-694-6262
Fax: 301-668-8884
Map & Directions
Frederick Law Office Map

Hagerstown Office
Cornerstone Wealth Center
19833 Leitersburg Pike
Suite 1
Hagerstown, MD 21742

Toll Free: 866-220-5185
Phone: 301-293-0010
Map & Directions
Hagerstown Law Office Map

Contact This Office Contact This Office