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PLANNING, NOT PAPERWORK.
Cary • Raleigh • North Raleigh • Chapel Hill 1255 Crescent Green, Suite 200, Cary, NC 27518 919-726-0896 • www.caryestateplanning.com
Inside This Issue
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Coins and Control
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Get Ahead of Life’s Surprises With a Rock-Solid Estate Plan
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Grilled Teriyaki Flank Steak
Yes, You Should Be Washing Your Pet’s Bowl Every Day
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Legacy Lessons From Michael Crichton
Estate Planning Lessons From a Literary Legend EVEN MICHAEL CRICHTON GOT IT WRONG
Michael Crichton was a literary giant — the mind behind “Jurassic Park,” “The Andromeda Strain,” and “ER.” But despite his brilliance, he wasn’t immune to estate planning complications. When Crichton passed away in 2008 at 66, he left behind a complex situation that serves as a cautionary story for anyone hoping to leave a smooth legacy.
Crichton’s estate was valued in the tens of millions, but we can all learn from his story. Here are four key takeaways.
Keep your documents up to date. Life changes with marriages, divorces, births, and deaths. Your estate plan should reflect your current reality. Review it at least every 3–5 years, or immediately after a significant life event. Plan for future children and grandchildren. Even if you’re not expecting, it’s wise to include language that accounts for future descendants. This can avoid costly court battles and ensure your intentions are honored. Communicate with your family. Unspoken assumptions can lead to conflict. Being clear with your loved ones and your estate planning attorney can prevent confusion down the line. Work with an experienced estate planning professional. Crichton had a will and trust, but they weren’t airtight. A qualified estate planner can help ensure your documents are legally sound and flexible enough for life’s surprises.
Crichton had a will and trust in place, but they were outdated. Most notably, his documents did not provide for any future children. At the time of his death, his fifth wife was pregnant — a fact not reflected in his estate plan. As a result, there was a legal dispute over whether the unborn child, John Michael Todd Crichton, should be considered a beneficiary. Crichton’s adult daughter from a previous marriage argued that the baby should not inherit, citing the language in the will. A court battle followed, and eventually, a judge ruled that the son could inherit from the estate — but not without litigation and unnecessary stress for the family.
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