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Questions linger over Luke Perry's estate plan

Most people have heard by now that famed television and film actor Luke Perry recently passed away after suffering a stroke that left him on life support. While his loved ones are now celebrating his life and mourning his loss, they may also be turning to his estate plan to determine how his assets will be distributed. This is no small task, considering his estate is estimated to be worth $10 million.

Perry apparently created a will in 2015 that left everything to his children. There's also a significant possibility that he utilized some type of trust, or multiple trusts, in order to avoid the lengthy and sometimes costly probate process. One important issue that still needs to be seen, though, is how his fiancé was accounted for in his estate plan, if at all. If Perry neglected to update his estate planning documents to dictate which assets should be left to her, then she probably won't get anything. This situation shows just how important it can be to revisit your estate plan, especially after major life events.

But utilizing wills and trusts are just part of estate planning. Another critical matter is deciding who will make important healthcare decisions for you in the event that you suddenly become incapacitated. In Perry's case, it appears that someone in his family was named in a power of attorney, since the family made the decision to remove him from life support.

There are many critical aspects to estate planning. Neglecting even one of them can leave you and your estate vulnerable. Therefore, Ohio residents who have been putting off creating an estate plan or modifying one should sit down with a competent legal professional. It's also worth noting that you're never too young or too old to engage in this process.

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