The purpose of an estate plan is to ensure that property is dispersed in accordance with one's wishes upon death. Most of the time this means that estate property is left to spouses and children, oftentimes with an even split when multiple individuals are involved. However, although that may be the default when it comes to considering estate planning, it is by no means the only way that estate planning can play out.
Last week on the blog we discussed the tragic passing of Anthony Bourdain and some of the more particular issues he addressed through his will. It highlights an important concept: estate plans can be custom-tailored to meet an individual's desires. This means that if an individual wants to leave assets to particular people or in a particular way, he or she can do so in a way that is legally enforceable. Also, by being clear and thorough in one's estate plan, he or she can avoid confusion and the costly process of probate and probate litigation.
Many people were shocked to hear the news that celebrity travel guru and chef Anthony Bourdain passed away recently. The man, who was open and honest about having to live paycheck-to-paycheck well into his 40s, became famous by exposing the secrets of the kitchen and cultures, thereby allowing many to expand their cultural literacy. While there are certainly lessons to be learned from Bourdain's passing and his legacy, one interesting aspect of his life is the way in which he drafted his estate plan.
Previously on this blog we discussed the role of a conservator in California and how he or she can play an important role in estate planning matters. As a quick recap, a conservator is an individual who is appointed by the court to care for an individual's daily care and health needs or the individual's financial matters when that individual is incapable of handling such matters on his or her own.