Vickie Lynn Marshall?  Does anyone know who she is?  How about a big clue from her Will which is a public document filed with the Los Angeles Superior Court:  “I VICKIE LYNN MARSHALL, also known as Vickie Lynn Smith, and Vickie Lynn Hogan, and Anna Nicole Smith . . . .”

Yes, that Anna Nicole Smith.  The ex-model turned reality star that died at age 39 from an accidental overdose.  The one embroiled in a lawsuit with her late husband’s heirs regarding nearly a half billion dollars. 

Her Will provides examples of some general things that estate planning attorneys counsel about to the point that it makes us “blue in the face.” 

First, we generally recommend having a living trust prepared.  First, unlike a Will, it is not a public document.  Therefore, generally speaking, people like you and me cannot go online or to the county courthouse and obtain a copy of the document.

Second, make certain that there are not contradictory statements in your plan.  In one paragraph, she seems to indicate that she only wanted her son to inherit her estate:

            “Except as otherwise provided in this Will, I have intentionally omitted to provide for my spouse and other heirs, including future spouses and children and other descendants now living and those hereafter born or adopted, as well as existing and future stepchildren and foster children.”

This would seem to disinherit any future born children.  However, in the very next paragraph the Will used the words “child” and “children” interchangeably with regard to the distribution of her estate. 

Two things happened after Anna Nicole signed this Will.  She gave birth to a daughter, Dannielynn, and her son died.  Moreover, since her son died prior to her, her legal heir under California’s laws of intestacy was her daughter. 

Thus, my third major point is that people need to revisit their estate planning documents on a consistent basis.  Things change.  Heirs and beneficiaries change.  Even if they are the same individuals they themselves may change for the better or for the worse.  They may marry.  They may have financial success or they may demonstrate that they cannot handle money. 

Your finances may have changed.  That may cause you to think about the distribution of your estate.  In the event that your finances have increased to a great degree, it may involve some additional estate planning. 

Finally, the person or entity you selected to administer your estate may or may not be the person or entity you currently want to administer your estate.  You may have moved; they may have moved.  You may have had a falling out with them.  They may not have the “energy” to do it.  They may not be financially astute.  There are a variety of things that can happen.

Estate planning is important!  Treat it with the respect that it deserves.  Work with an attorney who devotes his/her time to this area of the law.

For those that are interested, the probate court judge in the Los Angeles County Superior Court, awarded Anna Nicole’s estate to her daughter.