Paul Walker' Estate

01/15/2014

Paul Walker may be the latest in a series of movie stars who die without an estate plan.  This should be another lesson to everyone.

Paul Walker, of Fast and Furious fame, recently died in a car crash.  It looks like he might have left behind an unplanned estate and a mess for his 15-year-old daughter, Meadow, a girlfriend of seven years, Jasmine, the mother of his daughter, Rebecca, and his parents, Cheryl Walker and Paul Walker III.

With the actor's estate estimated to be worth at least $45 million, state law governs what happens if there is no estate plan.  In Walker's case, his daughter will probably be the sole heir of the estate.  But Meadow is a minor.  Her natural guardian is now her mother who is legally responsible for Meadow's day-to-day care. But that doesn't mean that she'll be the one put in charge of managing the massive estate until Meadow reaches the age of 18.  In fact, it appears that Mr. Walker's parents want to step into that role. A probate court battle will surely ensue.  And when Meadow turns 18, she may be able to control all of the estate assets.  It seems a little young for someone to control 45 million dollars.

Walker's girlfriend will probably not get anything if he did not have an estate plan.  And this may or may not have been the way he would have wanted it.