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Texas grantors may learn from actor's estate planning mistake

Paul Walker is known for starring in the popular "Fast and Furious" movies. He did the right thing when he created an estate plan at only 28 years old. Since his sudden death in a tragic car accident at only 40 years old, his will revealed that he included his teenage daughter. As proactive as he was with estate planning, it's argued that he may have needed to update his will and Texas residents may be able to learn from this.

According to reports, Paul Walker's initiative received credit since he was so young at that time, especially since he appointed his mother as a guardian over his teenager. In spite of this, professionals stated that he may have made a mistake by not updating his will. Changes usually happen throughout someone's life cycle and in Paul Walker's case, he had substantial changes over a 12-year time period. During this time, Walker's net worth grew in large amounts, leaving his assets more subject to overbearing tax implications.

It's argued that had he made updates to his will, these taxes may have been avoided. Furthermore, since so much was left to his teenager, what if he did not desire for her to be responsible for so much money? Also, he was in a relationship with his girlfriend for seven years, but apparently it's not listed that she's to receive anything.

The first step in estate planning is to draft up the important documents to begin with. As important as these steps are, it's also equally important to make sure estate plans are updated, especially when circumstances change. Learning about creating and updating a will can potentially help Texas residents control where their assets go.

Source: Epoch Times, Paul Walker Death: Walker Should Have Updated His Will, Attorneys Say, Zachary Stieber, Feb. 11, 2014

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