Failure to Plan
This icon died in 1996, leaving a sizable estate comprised of money and approximately $40 million in unique assets including posthumous albums and financial dealings. Unmarried and without children, his mother served as the initial executor and beneficiary of her son’s estate and had to deal with paying off his creditors, financial dealing with various people, and dealing with a lawsuit filed by his biological father to obtain half of his estate. His father lost the claim.
His mother died in 2016, leaving a new executor who is currently battling lawsuits against the estate and dealing with estate administrative issues arising from the unique assets owned by the deceased icon, decades after his death.
Tupac Shakur
This icon had Trust and a Will but he failed to fully fund his Trust. As a result, his father was able to file claims with a probate court to open his estate, which then became public knowledge.
Records revealed that this icon had $25mm in assets as opposed to keeping things private as intended with a trust.
Paul Walker
This icon was the co-creator of the most iconic Marvel comic book heroes. He died in 2018 with one of the most complicated webs of estate issues. With millions in his estate, it is unclear whether he ever left a will or trust.
Even more, in his final years, he was mentally incapacitated and was tricked into signing away his estate, name, and likeness. At his death, the majority of his remaining $50 million estate went to his alleged estranged daughter. With proper planning for mental incapacity and estate planning, his best interests would have been protected during his life and his legacy would have been protected after his death.
Stan “Stan Lee” Lieber
This document is a legal entity governed by its terms, it owns assets, and can be revocable or irrevocable.
A Trust
This person has:
• An identified money management or wealth service need; or
• At least $500,000 in investable assets; and/or
• Need for robust wealth planning; or
• Need for trust or NRRE services.
A PWM Prospect
This icon serves as a warning to all that failure to properly plan for assets leaves it all up to the probate court to determine the fate of one’s legacy. The probate court of Minnesota had to determine who inherited the Raspberry beret, the little red corvette and the rights to the icon’s Purple Rain legacy that was left orphaned and intestate.
This icon had one surviving sibling and 5 half siblings and did not have a Will or Trust. His siblings and alleged siblings and descendants filed lawsuits and claims to the estate, making this one of the most complicated cases in Minnesota probate history.
•The IRS joined the melee claiming the estate was valued at approximately $163 million, leaving the estate on the hook for $32.4 million in back taxes and $6.4 million in penalties. The IRS estate valuation was double what was listed on the initial estate tax return of $82.3mm. The doves cried for 6 long years while settling this estate resulting in millions of dollars in estate administration fees, legal fees and penalties that could have all been avoided with a simple estate plan.
Prince
BONUS ROUND:
This is the process of transferring assets into a Trust.
Funding
This document allows a person to make financial and personal decisions on behalf of an individual and remains valid if/when that individual becomes incapacitated.
Durable Power of Attorney
When a person dies without proper estate planning documents to transfer their assets, this governing body makes the decision for them.
The State
Effective Q1 2023, branch associates may receive this amount in PE credit for a successful referral to Regions PWM.
$8600
This icon was a linebacker for the Kansas City Chiefs. Tabbed as the “social director” of the NFL, he died in a car accident while driving to the airport to attend the 2000 Super Bowl. Although earning almost $34 million in salary and endorsements throughout his 11-year career, he mismanaged millions of dollars. He died without an estate plan in place, leaving seven children with five different mothers, along with multiple creditors to fight over mere scraps.
Leaving an estate that was borderline solvent with no will in place, a court ordered public sale was mandated. His broken-hearted mother sat in a room as they auctioned off her son’s suits, a speedo, a bedroom set, watercraft and any other personal possessions and memorabilia that could fetch a bid. This court ordered auction was hoping to generate approximately $650,000, only which some was designated for his children.
Derrick Thomas
This document allows an individual to transfer an asset/account to a named beneficiary at death and avoid probate.
Payable on Death (POD)/Transfer on Death (TOD)
BONUS ROUND:
This document allows a named individual(s) to make healthcare decisions on behalf of another person and may avoid guardianship if that person becomes incapacitated.
Health Care Surrogate (Health Care POA)
Name at least 3 roles that Regions can serve in a fiduciary capacity.
1- Investment Management
2- Agent for Individual Trustee
3- Trustee (Current or Future)
4- Personal Representative/Executor
5- Custodian
Branch associates may receive this amount in TIPS check payment for a successful referral to Regions PWM.
10%
This icon was a legacy celebrity who recently died without a tight and updated estate plan. Her mother is suing her daughter to become Co-Trustee of the icon’s Trust. The icon previously named her daughter and her son as Co-Trustees, pushing out her mother in 2010. The icon’s son passed away before the icon’s death; however, she never amended her trust naming successor Trustees.
Furthermore, there are questions surrounding the validity of her signature on various documents and other issues remain with the Trust.
Lisa Marie Presley
When an asset is not placed in a Trust OR does not have a transfer on death beneficiary named, this court has the authority to transfer it.
Probate Court
Other than death, this also causes a Revocable Trust to become Irrevocable.
Incapacity
This type of Trust is controlled by its creator and uses the social security number of the creator.
Revocable Trust
This partnership is about understanding what our customers need and then bringing them our best thinking, products, services, bankers, and solutions.
Regions 360
This icon created a Will in his homeland, Australia, in 2003. In His Will, he split his entire estate - 1/2 to his siblings and 1/2 to his parents.
Destined for stardom, he later moved to the US, married and had a child, and became an Oscar winning actor, posthumously, for his famed role as the "Joker" in the 2008 movie "The Dark Night." He died in 2008 without creating or updating his estate plan in the U.S., resulting in his entire estate being left to his siblings and parents; not his wife and daughter.
Heath Ledger
Failure to do this exposes an asset to creditors?
Fund (Fund in the Trust)
This is the legal process or relationship in which a person is given authority over another person or their property when they cannot make or communicate safe or sound decisions or are at risk of harm.
Guardianship
This process is designed to help people manage, preserve and transfer their assets through the use of wills, trusts and other necessary documents.
Estate Planning
This is the person who PWM referrals should be sent to.
Wealth Advisor