By Lee R. Phillips

Brittany Murphy’s death has certainly come as a shock to the world.  In a way, it is even more shocking to learn that the death was “due to natural causes,” according to the Los Angeles coroner.  Her husband, British screenwriter Simon Monjack, is in shock and is quoted as stating, “I am feeling beyond devastated.”  The shock and grief associated with the death of a loved one can never be prepared for or softened.

The death of one as young as Brittany Murphy reminds us all of our fragile mortality and punctuates the uncertainty of life.  As an individual, I see a personal tragedy on several levels.  As an attorney, I hope she had her legal ducks in a row.  Her death reminds us of our obligations that need to be attended to.  It makes a huge difference.

Michael Jackson also died this year.  His death was also a personal tragedy, but he had done his legal homework, and his estate lives on.  You might remember that after his death the media squared off to have a heyday reporting on the financial dealings of his large troubled empire.  After the first week, it was disclosed that the foundation of his empire was a living revocable trust.  The trust had been maintained. (Just having a trust document isn’t enough.  It has to be used and “maintained.”)  I imagine the media gave a great groan, when they learned the trust was in place, because they were shut out of the juicy details of Michael Jackson’s estate. (more…)

Did you know that the third week in October is National Estate Planning Awareness Week? It is a good idea because:

• 70% of Americans do not have a basic will – those that have a will fail to keep it updated.
• 79% do not have a living trust
• 69% do not have a living will or advance healthcare directive

Have you completed your estate plan? Is up to date? Why not celebrate National Estate Planning Awareness Week and get it done.

Two weeks ago, I went to visit my parents. Dad had surgery pending, and I wanted to let him know I cared. Dad was excited to take me downstairs and show me his estate planning before we visited. I knew his will and trusts were in shape because I drew them. Nevertheless, Dad needed to show me where to find everything because I’m the trustee. Dad has settled two estates, and he knows how hard it is to find all the bank accounts and securities. He has seen family fights over how personal property is dispersed.

Dad is determined not to let this happen in our family. His personal letter (distributing his personal property) is already made and is stored in a file. He has all the accounts he owns listed on his schedules. He disclosed to me where he kept his bank safety deposit box key. Dad has always been in the forefront of technology, so of course he handed me a list of each of his computer and account passwords. That is great thinking! Have you thought to give your trustees your electronic passwords? In the electronic world you can’t access a thing without passwords. If you haven’t thought of this, you should start now to maintain an accessible list of all of your passwords for your trustees.

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