Paul William Walker IV, the start of the Fast & Furious movies, died in a car accident Nov. 30, 2013. He was survived by his parents and his 15-year-old daughter, Meadow Rain.
His father recently filed to open his son’s estate, including his will. It sheds some valuable estate planning lessons, according to an article in Forbes.
The probate filing and will showed that Walker had assets of about $25 million. He also had a revocable living trust benefiting his daughter as the sole beneficiary.
The will named Walker’s mother, not Meadow’s mother, as the guardian and caretaker of the money.
Lessons:
- Setting up a trust meant the probate process would be simpler than it could have been without one. It also means that his daughter will likely receive them one over time, not all at once. That’s usually a good thing.
- Walker did not fully fund his trust. Instead, he relied on his will and that will mean more public scrutiny.
- He named a guardian, his mother. It does not mean that Meadow’s mother will lose custody of the child, but might were the mother to be found unfit or unable to keep custody. Good move.
- Walker set up his will at age 28. He didn’t wait until he was old. Good move.
- He did not update his estate planning documents for 12 years. (He died at age 40.) His net worth had grown over the years. What if he didn’t want his daughter to inherit all that money. What about his longtime girlfriend, Jasmine Pilchard Gosnell. Didn’t he want her to get something? Bad move.
If you have questions about a will or about estate planning in general, please feel free to contact us for a consultation at (626) 696-3145.
