California residents who are making estate planning decisions can learn from the recent mistakes of celebrities. The importance of keeping documents updated is one thing that is illustrated in these high-profile cases.
While a will may be sufficient estate planning for individuals who do not have complex estates, a trust provides privacy and saves money in cases where individuals may have a high public profile or extensive assets. Actor Philip Seymour Hoffman did not want to spoil his children with a trust fund, but as a result, his estate entered an expensive and public probate process. This has been made even more costly by the fact that he was not married to his longtime partner, and as a result, she cannot take advantage of the marital deduction for estate tax purposes.