Toby Keith was a famous country singer with smart estate-planning instincts.
Country music legend Toby Keith died too young.
At age 62, stomach cancer claimed his life.
While many musicians are loved by many, they do not always leave things well for their loved ones.
Toby Keith stands as an exception.
Before his death, he created a comprehensive estate plan to protect his assets and provide for his loved ones.
According to stories by InTouchWeekly and Survivornet, Toby Keith had a last will and testament and also used a revocable living trust to provide greater privacy and financial security for his loved ones.
His widow, Tricia Covel, filed the last will with the courts, requesting to be named executor.
Life can throw people curveballs.
You never know when an illness will be diagnosed or a terrible accident occur.
By planning early, you can minimize stress on your loved ones as they navigate the emotional turmoil associated with incapacity and death.
Because conflict is more likely when emotions are high, an estate plan can help your loved ones follow your wishes and reduce tensions.
Whether you are faced with a terrible cancer diagnosis like Toby Keith or are simply creating an estate plan to prepare for future issues, your estate plan should have both incapacity and death planning documents.
General Durable Power of Attorney.
A general durable power of attorney document appoints a trusted individual to make tax, legal, and financial decisions if you become incapacitated.
Durable Power of Attorney for Health Care Decisions.
The durable power of attorney for health care decisions works in tandem with a general durable power of attorney for financial matters but focuses on medical decisions.
HIPAA Release.
Because personal health data is protected, you must have a HIPAA release for doctors to talk with your spouse or other family members regarding your medical care.
Physician Order for Life-Sustaining Treatment (POLST).
This form outlines wishes for life support, which can be helpful even if your state does not recognize them as legally binding.
Beneficiary Designation.
Various assets might have beneficiary designations, including retirement assets or life insurance policies.
When you pass away, those named on the beneficiary designation forms will inherit the assets or receive the policy death benefit.
Health Care Treatment Directive.
A health care treatment directive allows you to outline the specific types of care you would like to receive or forego.
Last Will and Testament.
A last will is used to designate how you want your assets distributed to heirs, who you want to administer your estate, and who you want to serve as guardians for minor children.
Toby Keith chose to include a revocable living trust in his estate.
How does this type of trust work?
A revocable living trust is a legal entity to hold assets.
While you are alive, you can make any changes to the trust terms or the asset ownership.
After you die, the revocable trust becomes irrevocable.
It is no longer able to be altered.
Revocable living trusts help avoid probate and simplify asset distribution for your family.
While not everyone requires a living trust, they can be helpful for those with significant property or investments.
By both allowing more control over asset distribution and avoiding probate, family members can manage your estate more privately and securely.
Toby Keith was proactive and thoughtful in his estate planning.
He did not run from his mortality.
Rather, he addressed the need for making preparations and documented his wishes to give his loved ones clear instructions.
As a result, Toby Keith protected his legacy and his family.
Taking the first steps to estate planning does not have to be daunting.
First, you can list your assets.
Next, you should choose who you want to inherit and trust to serve as your financial power of attorney, health care agent, executor, or trustee.
Lastly, contact an experienced estate planning attorney to get your affairs in order while meeting the legal requirements of your state of residence.
If you want a successful estate plan like Toby Keith's rather than leaving a mess for your loved ones, as too many celebrities do, schedule a consultation with Harvest Law KC.
Getting your affairs in order will give you peace of mind while securing the future of your loved ones.
Proactive estate planning can reduce stress for you and your loved ones before and after death.
While foundational estate planning documents include financial and health care powers of attorney, advance health care directives, and last wills, revocable living trusts can provide greater privacy and protection.
Working with an experienced estate planning attorney is necessary to avoid making costly estate planning mistakes.
This post is for informational purposes only and does not provide legal advice. You should contact an attorney for advice concerning any particular issue or problem. Nothing herein creates an attorney-client relationship between Harvest Law KC and the reader.
References: InTouchWeekly (July 9, 2024) “Toby Keith Drafted Will for $400 Million Fortune Amid Cancer Battle | In Touch Weekly” and Survivornet (July 15, 2024) “Distributing Fortune & Legacy: Late Country Star Toby Keith's Estate and the Sensitive Issue of Planning Your Will as a Patient”
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