Multi-millionaire Jimi Heselden, 62, the owner of Segway Inc. since December 2009, has died after reportedly driving a Segway scooter off a cliff and into a river. Heselden was found dead in a river after plunging 80 feet over a limestone cliff near his home. It has been reported that he was riding a rugged country version of the two-wheeled Segway when tragedy struck. Heselden, a former mine worker, initially made his fortune from wire cage water containment systems, which he personally developed and eventually sold to NATO. Heselden acquired Segway Inc. in December 2009. It has been reported that the 62-year-old entrepreneur has an estimated net worth of more than $250 million. CNN
Many believe estate planning is a daunting process that is reserved for the wealthy. That is simply not true. Everyone over age eighteen should have at least some basic legal planning in place such as a Last Will and Testament, Durable Power of Attorney and a Medical Power of Attorney.
A Last Will and Testament is a legal devise used to transfer property you hold in your name to the persons and/or organizations you want to have it. A Will also typically names someone you select to carry out your instructions. A Will only becomes effective upon your death, and after it is admitted to probate.
A Durable Power of Attorney, a simple but very powerful legal document, allows you to appoint a person of your choice to help you manage your property and financial affairs if you become incapacitated. If you do not have a Durable Power of Attorney in place, you risk having a Surrogates Court select and appoint a Conservator to manage your affairs for you.
If you are unable to make decisions regarding medical or mental health care, a Health Care Power of Attorney gives a person of your choosing the power to make decisions, including life-sustaining treatment, in accordance with your wishes and preferences. If you do not have a Health Care Power of Attorney, a Surrogates Court may appoint a Guardian to make those decisions for you. In addition, if you do not make your preferences clear regarding life-sustaining treatment, then you risk having treatment provided that prolongs your life longer than you wish.
A basic estate plan may avoid many costly expenses during probate. It is also important to periodically review your planning to reflect changes in your personal circumstance as well as changes in the law. The attorneys at Leeds, Morelli & Brown, P.C. have worked with a variety of families in Nassau and Suffolk counties, Manhattan, Queens, Brooklyn, Bronx, and Staten Island. For questions regarding estate planning, please contact an attorney at the Leeds Morelli & Brown P.C. law firm for a free consultation at 1-888-556-2529 or visit the firm’s website at www.lbestatelaw.com.