Sir Sean Connery’s death was one of the most prominent in 2020. He died peacefully at home in the Bahamas on Halloween Day 2020, at the age of 90.
Connery enjoyed a long and prolific acting career that spanned many decades. He is most well-known for his role as a fictional British secret agent in the film James Bond. He starred in seven Bond movies and appeared in more than 70 films throughout his career.
In addition to his fame and accomplishments, Sean Connery’s wealth was also impressive. His estate was estimated to have been worth approximately $350 million at the time of his death. Connery was married twice and had one son, actor Jason Connery with his first wife, actress Diane Cilento. Micheline Roquebrune, his wife, is his survivor. His more legal-savvy fans might be asking: Did he have a will, a trust or both?
Lessons from Sean Connery
Sean Connery’s story is a fascinating example of why creating an estate plan is essential before you die. His estate is complex both because of his high net worth and the fact that he had assets in many countries. Rumors have circulated that he was in exile to avoid paying the higher taxes in England for many decades, and Spanish authorities also investigated him for tax evasion in 1999. Connery provided documents that showed he had paid millions of pounds in UK taxes between 1997-2003 to dispel those rumors.
Connery was active politically as well. He was a Scottish National Party (SNP) member and supported Scottish independence from the UK. He was a financial supporter of the SNP, as well as through his public appearances until 2001, when the UK parliament banned overseas funding for political activities.
How These Lessons May Apply To Your Legacy
- Are you a homeowner who owns real estate in multiple states or countries, like Sean Connery? If so, have your thoughts been shared about how these properties should be passed on after your death?
- Have you been married multiple times? Do you have children from a previous marriage or relationship? Have you thought about what assets you want to leave your children and spouse?
- Are there any charities, churches, or organizations you are particularly fond of? If so, did you leave information about how you will continue your support of those causes after you pass on?
These are just some of the lessons that Sean Connery’s passing can teach us. He was a man who was married multiple times, had at least one child from his previous marriage, owned assets in various countries, and funded special political causes.
Why Estate Planning is Essential
Estate planning lets you control who receives your property and money after you die. A basic estate plan will include a durable power-of-attorney, an advance directive for health care, and a will. Some estate plans contain trusts that are used for specific purposes.
- Durable power to attorney – Allows someone to control your finances if you become permanently or temporarily incapacitated due to illness or another health problem.
- Advance Health Care Directive – This allows a person to make medical decisions for you. This includes the ability to approve or deny treatment, test results, and medication related to your condition.
- Will – Who will inherit your assets and custody of the children in case of your death?
- Revocable Living Trust – Unlike wills which only take effect upon death, trusts become effective immediately upon the funding of assets into the trust, and also cover what happens if you become incapacitated. More importantly, trusts are private and allow the estate to avoid public probate, unlike wills (which still must go through public probate court).
We Can Help You Draft Your Estate Plan
Although you may not be as wealthy as Sean Connery, planning your estate is still a smart idea. Get your FREE Trusts and Wills Toolkit by clicking here. This toolkit has helpful tips about the planning process and what may be the best way to go for your situation. Even though you may not be sure about what documents you need or who you want to get your stuff, a formal estate plan that is detailed and well-drafted can help to alleviate stress for loved ones who are already grieving when you pass away. Oh, and let’s not forget about potential family conflicts that may arise after you’re gone – we’ll save that topic for another article!
At Fleurinord Law PLLC, we make it a point not to just draft documents; we ensure you make educated and empowered decisions about your transition from life to death for yourself and the people you love. We offer a Family Legacy Planning Session. In preparation for this session, you will get more financially organized, which will help you make the best decisions to protect your assets. Call our office at 888-904-2297 today to schedule your initial discovery call and find out how to save $750!