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Actor Walker's daughter sole beneficiary of his estate plan

Tragedy can strike at any time for St. Paul residents and their families. Car accidents, medical problems and other issues can seemingly arise out of nowhere and change the lives of individuals and their families forever.

A good example of this was provided by the recent death of actor Paul Walker, who died when a car his friend was driving went out of control and crashed. Details recently emerged over Walker's distribution of assets in his estate, which is valued at about $25 million. This value, which came largely from personal property owned by Walker, is expected to grow over the years, due to payments the estate will receive from Walker's films.

Walker named his 15-year-old daughter as the sole beneficiary of his estate. Walker's mother will serve as the guardian of his daughter and will be in charge of his daughter's portion of the estate while she is a minor. Meanwhile, Walker named his father as the executor of his estate, and he is given the authority to invest property or otherwise sell property as needed.

Typically, an executor is charged with finding the deceased person's assets and keeping them safe until the property can be distributed according to the person's estate plan. The executor then determines whether it is necessary to send the person's will to probate, and filing the will in the appropriate court.

Ultimately, the executor will be in charge of paying the debts of the deceased person, paying any taxes and distributing the property according to a person's will. Accordingly, given these important responsibilities, it is essential that individuals select a person who is ready and capable of serving the role as an executor when drafting their estate planning documents.

Source: WFSB, "Paul Walker's estate estimated at $25 million," Feb. 4, 2014

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