Although Larry King only recently passed away, his widow, Shawn King, has continually made legal moves focused on the TV icon’s estate. Shawn King’s latest legal claim revolves around the disclosure of Larry King’s secret will.
Last week, King’s will was revealed with a new secret document that stated that King wanted his entire $2 million estate to be divided between his five children. However, the secret will was not updated after the death of Larry’s daughter, Chaia, and adopted son, Andy, and made no mention of Shawn. Another important detail is that the will was dated not long after King filed for divorce from Shawn.
After the TV icon’s secret will was revealed, Shawn King filed a lawsuit claiming that “reconciliation remained possible” and that she was “the one with the most knowledge of Larry’s business, assets, and wishes.”
Additionally, it is reported that Shawn also filed to be appointed administrator of Larry’s estate. This was a topic of Shawn’s first lawsuit concerning King’s estate which contested King’s son Larry King Jr.’s appointment as administrator of the estate.
In Shawn’s newest lawsuit, she includes a copy of King’s previous will, dated July 7, 2015, which nominates Shawn to be the executor of his estate. In another interesting finding, sources claim that King’s estate only has a $350,000 value, far from the $2 million value that Larry King Jr. first reported. Shawn’s hearing regarding the new will is currently scheduled for Wednesday, February 24th.
Why you Should Make an Estate Plan Today
King’s case highlights the importance of making an estate plan immediately and updating the documents regularly. Further, many incorrectly assume that only wealthy individuals need to make an estate plan. However, an estate merely refers to the assets you own such as real estate, private property—such as cars, jewelry, other tangible assets—and financial accounts including savings and investment accounts. Creating a plan for your assets takes a burden off of your family’s shoulders and ensures that upon your death, your wishes are properly carried out.
Estate planning has always been important. However, with Covid-19 still posing a massive health risk, it is more important than ever before to make your estate plan today. Below is a discussion of important estate planning tools and how these documents play into your broader financial plan.
Follow Up on Your Plan
As your life changes so should your estate plan. Major life-changing events that require you to review, change, or update your estate plan include:
- Retirement.
- When a child or grandchild needs educational funding.
- Marriage, separation, or divorce.
- Death or change in circumstances of the guardian named in your will for minor children.
- Birth or adoption of a child or grandchild.
- Death of an heir.
- If you or your spouse receive a large inheritance or gift.
- Death or change in circumstances of your personal representative, executor, or trustee.
- Career changes — a new job, promotion, or if you start or close a business.
- Significant changes to your or your spouse’s financial condition.
- Changes in the number of dependents, such as adding the caring of an adult.
- A move to another state.
- When a child or grandchild becomes an adult.
- Significant changes to your or your spouse’s health.
- Borrowing a large amount of money or taking on liability for any reason.
- You start taking distributions from an IRA, 401(k), or another qualified plan.
Any of the events can have a significant impact on your family’s financial situation. Thus, reviewing your estate plan ensures that your assets pass on to the correct beneficiaries quickly and easily.
Contact Our DC Law Office for More Information
Finally, for more on estate planning news, contact us at 202-803-5676. You can also directly schedule a consultation with one of our skilled attorneys. Additionally, for general information regarding estate planning, check out our blog.