Often, the lessons we learn from celebrities are of the cautionary variety.  Interestingly, Paul Walker of Fast and Furious fame left a positive example of planning ahead for your inevitable demise, even if your demise does not seem imminent.  Forbes recently pointed out some of the sound planning Walker did at an early age and before much of his stardom in an article titled “Five Estate Planning Lessons From The Paul Walker Estate.

For example, Walker left all of his assets to a revocable trust.  This means that he probably minimized the impact of probate on his estate, and he may have enabled his heirs to sidestep probate entirely.  Revocable living trusts are effective estate planning tools in that they help your family avoid unneccessary trips to court, and they can provide for management of assets passing to young or immature beneficaries.  Avoiding the courts means avoiding the limelight and unwelcome attention on your loved ones.

Many young people live life as "fast and furious" as they can, and they and don't think about what inevitably awaits.  It is a wise (and rare) young person who takes the time and expends the effort to develop an estate plan.  It is a foolish (and all too common) older person who puts off planning until it is too late.

Reference: Forbes, February 10, 2014: “Five Estate Planning Lessons From The Paul Walker Estate

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