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Hugh Hefner, of Playboy fame, recently passed away. He reportedly had an “iron clad” prenuptial agreement with his third wife that kept his fortune from his young bride. Yet, current reports state that the widow will “be provided for” after the death of her husband.
Is it possible for both reports to be true?
In short, the answer is yes. The millionaire could have used a number of estate planning tools to help ensure that his bride was provided for without actually bequeathing anything to his widow. Here are two examples:
Regardless of the option used by Mr. Hefner, his canny use of estate planning tools provides a lesson to everyone: estate plans can be tailored to meet your needs. To achieve this goal, it is best to avoid fill-in-the blank documents. These are documents that should be unique to each individual, crafted to meet your needs.