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Recommended Reading
Trial & Heirs: Famous Fortune Fights
By
Andrew W. Mayoras & Danielle B. Mayoras
Control of your creative product, your intellectual property, is a thorny issue, and one that we are sometimes hesitant to discuss with our heirs. This book tells the tales of what can happen when we don’t.
These stories of famous, and infamous, estate battles show us how bad it can get when you aren’t clear about your wishes or you don’t put it in writing.
Some of these stories are very familiar: Anna Nicole Smith’s battle with her step-son (who was 27 years older than she), Howard Hughes and the infamous “Mormon will,” Michael Jackson’s failure to properly structure his estate to avoid a very public (and very expensive!) battle.
Others are more obscure, often calling on extensive research in court documents. Either way, all of the stories in this book provide a wealth (sorry!) of bad examples in estate management.
Each section addresses a topic, with individual chapters offering examples to illustrate what can go wrong. While the authors offer opinions on each subject those opinions are intended as starting points for your own discussions with your family, your attorney, and your financial planner.
While the stories are sometimes dishy, they provide real-world examples of estate planning gone wrong – a reminder to each of us that there are pitfalls awaiting the unwary, and that an investment in proper estate planning will benefit both you and your heirs in the long run.
The book is a quick read, and the stories can feel a bit superficial, but I recommend it as an easy on-ramp to a deeper exploration of estates, trusts, wills, and overall estate planning. While the main thrust of the stories is the tangible assets – cash, securities, real property – they do touch on the ownership and control of income-producing intellectual property, such as the music rights library owned by Jackson.
It’s also an easy way to open up the discussion with your heirs. Sure, your attorney or estate planner knows this stuff and can help with the discussion, but this breezy little book may provide the lighter touch to start the more difficult conversation.
https://www.amazon.com/Trial-Heirs-Famous-Fortune-celebrity/dp/0615551173