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Learn feom James Gandolfini’s estate administration woes

During the estate planning process, many of our Texas readers feel that they are doing everything right. Unfortunately, they don't realize that there is more to creating an estate plan than what they see upfront. Once they pass on, their heirs will be left to figure things out. This is why making informed decisions when creating a plan is so important.

One of the best ways to learn about estate planning and estate administration is to pay attention to the troubles that others have gone through. James Gandolfini passed away unexpectedly in 2013, leaving behind two children from two marriages. While he had an estate plan, it was far from perfect. As a result, there are many challenges that could arise for his heirs in the years to come.

Rather than create a revocable living trust, which would have kept his affairs out of the public eye, he relied solely on a will. For this reason, all of the information pertaining to his assets were brought to light.

For example, his estate was valued somewhere in the $70 to $80 million range. While his estate was left to family members and other close friends, he left out some key details, such as what would happen to his real estate in Italy or what happens if his children are not mature enough to inherit their money when they turn 21.

There is a lot that goes into estate planning. As you get started, consider what is best for you and your family now, as well as how things will play out after you pass on.

Source: Forbes, "Estate Planning Lessons From James Gandolfini And Other Celebrity Legacies" Andy Mayoras, Aug. 06, 2014

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