Financial advisor says to learn from celebrity examples when estate planning

MILWAUKEE (CBS 58) -- One local financial professional says that will planning is often overlooked, but the missteps of famous individuals like Aretha Franklin, Jimi Hendrix and Kobe Bryant provide valuable lessons in the importance of proper estate management.

Brad Allen, a financial advisor with Drake & Associates, joined us to discuss financial lessons from celebrity estates on Tuesday, Aug. 15. He mentioned that despite their wealth, celebrities can fall victim to common estate planning errors.

Allen cited the nearly five-year battle over Aretha Franklin's estate as an illustration of the complications that can arise without proper planning.

He also noted that creating a will is vital, even for those without children, to save friends and family time, money and stress. His remarks served as a reminder of the necessity of estate planning during National Make-A-Will Month.