Whenever a celebrity dies, there is great public interest in how the estate will be distributed. The details can be fascinating, especially when the celebrity fails to properly address his or her estate planning. For example, reports indicate that Prince did not have an estate plan because he did not trust attorneys. Not only will the settlement of his estate unnecessarily incur extremely expensive attorney fees and executor fees, but there is controversy regarding the proper heirs of his estate.  

Celebrities make estate planning mistakes so often that there seem to be unlimited stories warning about the consequences of failing to properly address estate planning.

The third week in August is “Car Week” on the Monterey Peninsula.  Dozens of various car events throughout the area lead up to the famous Pebble Beach Concours d’Elegance, “quite simply the finest exhibition of show cars on Earth, . . . an annual gathering of rare and antique automobiles, international automotive luminaries and motorcar enthusiasts from around the globe,” according to the event’s official website.

Estate planning is a fluid process.  What might be the perfect plan today could be outdated tomorrow due to changes in the law, changes in the size and nature of the estate, and changes in the personal circumstances of various family members or other beneficiaries.  This is why you should periodically review your estate plan to ensure that they continue to express your wishes in the most efficient manner possible.  A review also serves as a “proofread” to help identify any typos or other mistakes in the documents that should be addressed.   

In general, while you are living and have capacity, you are free to change your estate plan in any manner that you wish.

Many clients ask me whether I always wanted to be an attorney.  The truth is that I considered many professions growing up until deciding on law school while I was in college.  As with most kids, the first profession that I planned for was “super hero.”  I had it all worked out: I’d have a cool car with all kinds of gadgets, a secret base hidden in the Pebble Beach woods, and of course, a costume with a flowing cape.

In pre-school, I was Superman for Halloween.

For the fourth consecutive year, Pacific Grove estate planning attorney Kyle A. Krasa has been named as a “Rising Star” by Super Lawyers.  According to the Super Lawyers website, “Super Lawyers is a rating service of outstanding lawyers from more than 70 practice areas who have attained a high-degree of peer recognition and professional achievement. The patented selection process includes independent research, peer nominations and peer evaluations.”

Super Lawyers ranks attorneys in two different categories: “Rising Stars,” for attorneys who are 40 years of age and younger, and “Super Lawyers.

Even though I grew up on the Monterey Peninsula in California, I have been a Green Bay Packers fan since I was a kid.  My short answer for why I’m a Packers fan is: “I have good taste.”  My long answer for why I am a Packers involves the appeal of the team representing the roots of football that started in small Midwestern towns, the fascination I have with watching the game being played in the elements – especially on the “frozen tundra” of famous Lambeau Field – and the legend of Vince Lombardi.  Also: I really like cheese.

Another interesting aspect of the Green Bay Packers is that the team is unique among the major four North American team sports in that it is community-owned.

I was very close to my paternal grandfather who lived only two miles away from me.  He often told me stories of how he played hockey in the Czech Republic before World War II.  He shared articles from The Hockey News and other publications about his exploits on the ice.  When I was introduced to street hockey during P.E.

I’m a retro guy.  Almost daily, I drive a 1953 Chevy Bel Air that I’ve had for over 20 years.  I enjoy listening to Chuck Berry, Bing Crosby, the Andrews Sisters, the Ink Spots, and Amos Milburn.  I would love to wander the 18th Century Lake District in England with poet William Wordsworth or hang out with writers Ralph Waldo Emerson and Henry David Thoreau in 19th Century Concord, Massachusetts.  In addition to preferring my Packers and Sharks gear to sport the old logos instead of the modern ones, I also love wearing gear of defunct sports teams such as baseball’s Montreal Expos and hockey’s Quebec Nordiques and Hartford Whalers.

I often use analogies to help explain legal concepts to my clients.  It is often easier to understand abstract ideas when one can relate to them in a familiar way.  Some of the analogies I use are common to the estate planning profession while others I invented myself.  Below is a list of my most common analogies along with explanations of the legal concepts that they convey.

Eggs in the Basket

A Revocable Living Trust can be very beneficial in avoiding conservatorship in the event of incapacity and probate upon death.

After music legend Prince died last month, it was revealed that he did not have an estate plan.  Reports indicated that he did not trust professional advisors such as attorneys and accountants because he felt betrayed as a young artist after entering into agreements that did not benefit him as well as they should have.  At least one report indicated that the only people he trusted for advice were his female companions who were in their twenties.  Apparently they did not believe in the importance of establishing a comprehensive estate plan.  

The repercussions from Prince’s decision to neglect his estate planning are starting to become clear.