Gloria Vanderbilt inherited her family’s vast fortune, but apparently, she does not plan on leaving any of it to her son, CNN Anchor Anderson Cooper.
That news comes from Cooper himself. In an interview on The Howard Stern Show, he said he thinks that when parents leave too much money to their children, it saps their initiative and desire to work hard. He said he’s actually “grateful” to his mother for her decision because it prompted him to create his own success.
Regardless of what you think of the idea of leaving a significant amount of money to your children, you still need to make estate planning arrangements. Here’s why:
- First, if you don’t make a plan of any kind for yourself, Texas’ default estate plan will kick in and your assets will be distributed according to that cookie-cutter template. That may not be what you want.
- Estate planning documents, like living wills, are essential and have nothing to do with money.
- You can establish trusts for things other than your children. You could establish one to provide a scholarship to your alma mater, for example, or you could leave a bequest to a charity that is important to you. Don’t make the mistake of neglecting the things you personally think are essential.
The reason we are writing about this is that we keep abreast of wills, estate and trusts news because we’re estate planning attorneys. If you ever think you need to speak to a lawyer about an estate planning matter, please feel free to reach out to us.