Celebrity Estates: Jay and Mavis Leno
…a lesson on planning for the unexpected
None of us know what the future may hold. We can hope for the best – but it’s wise to have a plan to be prepared for the unexpected… after all, isn’t that what plans are for?
Take Jay Leno and his wife, Mavis, for example. The former late night Tonight Show host, recently shared the very sad news that his wife, Mavis Leno, has been diagnosed with dementia. Dementia is always a tough diagnosis – but, unfortunately, it happens to families each and every day.
Estate Planning is Planning for the Unexpected
Dementia is a tough diagnosis for everyone affected by it.
Leno’s attorney shared that Jay and Mavis had a Will that forms a Living Trust – but it was created before Mavis had dementia, and unfortunately, doesn’t provide for someone else to step in to access and manage those estate assets – should one of them receive a diagnosis like this, or pass away before the other.
So, at this point, if Jay were to pass away before Mavis, there is no one to manage the estate’s assets to facilitate continued care for Mavis. Jay has had to file for a Conservatorship to give him the power to update their estate plan, and intends to add Mavis’ brother – giving him both access and authority to manage the estate assets for Mavis’s benefit and care in the event Jay passes away before her.
(*Note: the process the Leno’s are dealing with is called “Conservatorship” in California, but is referred to as “Guardianship” in North Carolina)
The petition and hearing for the Leno Conservatorship is currently scheduled for April 9th.
A ‘capacity’ diagnosis like dementia often limits one from making any additional changes to their estate plan, so if your plan doesn’t address a contingency for the muriad of potential complications this kind of capacity diagnosis brings with it, you should seek the advice of a skilled estate planning attorney as soon as possible. Once you have received the diagnosis – it’s too late.
Our advice? When it comes to protecting your loved ones, don’t wait until it’s too late.
Reach out below to get your estate plans ready for whatever comes your way!
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