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PLANNING, NOT PAPERWORK.
Cary Raleigh North Raleigh Chapel Hill 1255 Crescent Green, Suite 200, Cary, NC 27518 919-726-0896 CaryEstatePlanning.com
Inside This Issue
1
Farmland Succession Strategies
2
Protecting Crypto Beyond Your Lifetime
3
St. Patrick’s Day Shamrock Swirl Pie
Brides Who Wore Parachutes
4
A Rock Star Lesson in Wills
Jim Morrison’s Estate Mistake THE DOORS TO AN UNINTENDED HEIR
As the legendary frontman for The Doors, Jim Morrison lived fast, wrote boldly, and left behind music that continues to captivate people more than 50 years later. He died in Paris at 27, and while most people that young have nothing in place, he actually left a will. But that will sent his wealth to people he never intended to have it. In his will, Morrison left almost everything to his longtime partner, Pamela Courson. He added one condition. She would only receive her inheritance if she lived 90 days past his death. If not, the estate would go to his brother and sister. Courson lived long enough to receive everything, but she died just a little over two years later without a will of her own. That was when the entire plan fell apart. Courson’s parents inherited the estate under intestacy laws, and everything from Morrison, including royalties and image rights, was passed to them. Morrison’s parents sued, the families fought, and
the resulting settlement reflected a compromise rather than his original wishes.
The lesson from this messy situation is simple. When we leave assets to a partner, their plan becomes part of ours. If their plan is left incomplete, our estate can end up going to people we don’t even know. A few lines in a well-built plan can prevent that. Naming alternate beneficiaries protects the people we love and keeps everything on the intended path. There were other issues, too. Morrison’s estate included assets that really belonged in a trust with a qualified trustee, rather than a basic will. Morrison started planning earlier than most, but he stopped one step too soon. His story is a reminder to the rest of us that creating a will is not the finish line. A complete plan ensures our wishes are followed, even years after we pass.
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