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You’re never too young to start estate planning

| Jul 11, 2019 | estate planning | 0 comments

Actor Luke Perry’s March 4 passing was tragic for many. Those who grew up in the 90s remember him from the TV show Beverly Hills 90210. His family will, of course, miss him dearly too. While many remember seeing this story in the news, you may not have heard of the role his estate plan played at the end of his life.

Perry was only 52 years old when he became incapacitated as a complication of a stroke and later suffered an additional stroke days later. His family made the decision to no longer prolong life after learning he would never recover. The fact that his family had this decision-making power suggests Perry had a power of attorney or medical directive drawn up before his stroke for his family to carry out his wishes in case he becomes incapable of doing so.

We do know that Perry left his living assets to his children as beneficiaries of his will. This likely saved his children from having to fight for his possessions in a lengthy legal battle. Because of Perry’s foresight, he was able to ensure his children taken care of.

Perry reportedly began estate planning in 2015 after a colon cancer scare in his late 40s. This was enough to motivate the actor to get his affairs in order in the event of his passing.

You don’t have to be a celebrity or wealthy to begin estate planning. More people should follow Perry’s example and consider estate planning sooner rather than later. Basic documents like a power of attorney, medical directive, a will and a trust are great ways to protect your final wishes and your family.