The Lessons Celebrity Estate Planning Mistakes Teach Us

Movie and comic book fans alike are grieving the passing of Marvel Comics former publisher and chairman, Stan Lee. The 95-year-old is known for co-creating superheroes like Captain America, the Fantastic Four, the X-Men and Spider-Man. However, in his final years, Lee was plagued by financial issues that may put his estate in jeopardy. Here are some of the estate planning lessons we can learn from the comic book icon’s life.

Who Do You Trust When It Comes To Financial And Estate Planning?

In an interview with the Daily Beast, Lee admitted that he made some money management mistakes in the past. When he initially began making money, he tried to manage it himself, but soon learned he needed help. When he approached individuals for assistance, he allegedly misplaced that trust, which led to him parting ways with many business partners over the years.

Lee’s experience teaches us that taking care to find individuals you can trust is an essential part of good estate planning. You should be ready to ask an estate attorney questions to figure out if your trust is well-placed in that firm. Ask questions like:

• Do you have any references for your services?
• What checks and balances do you have in place when it comes to planning my estate and monitoring my finances?
• How will you work with my beneficiaries and trusted contacts?
• Do you have a team of professionals you work with?
• Will I have to use your professional associates, or can I use my own?

Due to his past financial difficulties, many analysts predict Lee’s estate could have problems down the line. Former business associates may come forward with documents detailing what they are supposed to do in the event of Lee’s passing. The resulting legal fees could contribute to draining the comic book legend’s assets.

These problems aren’t just an issue for the rich and famous. They can be an issue for everyday people who are trying to ensure their families are taken care of after they are gone. If you have questions about your estate and establishing a legacy to help care for your family and friends, contact Sheehan Law, PLLC. We have over 15 years of experience in estate planning, real estate and probate law, so call (512) 355-0155 to request a consultation.