Paul Walker did well to name a guardian for his 15-year-old daughter Meadow Walker in his will, but should have updated the will after he first made it.
Walker created the will when he was 28.
He died late last year when he was 40.
Attorneys Danielle and Andrew Mayoras note in a Forbes article that Walker should get credit for planning ahead and making a will at such a young age, but that he should have updated the will over the years.
“There are too many changes in life over the course of twelve years — especially when Walker’s net worth grew so much during that time — to rely on the same old documents,” they write.
“What if Paul Walker did not want his young daughter to inherit so much? What about his girlfriend of seven years, Jasmine Pilchard Gosnell? Didn’t he want Gosnell to receive something from his will and trust, considering they were planning to marry one day? What if Walker’s parents were not physically able to act as executor or guardian? These are all reasons to revisit and update estate planning documents.”
In addition, because Walker’s net worth increased over the years, more money than necessary will be swallowed by taxes, something that could have been avoided if the will had been updated.
The attorneys also said that Walker did well to appoint his mother Cheryl Walker guardian of his daughter Meadow. Although the law favors custodial parents, in this case Meadow’s mother Rebecca McBrain, McBrain has had drinking problems, which could prompt Cheryl Walker to become her guardian.