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Ken Talbot - Cautionary Tale in Estate Planning
In 2010, Ken Talbot, a self-made Australian billionaire, was traveling throughout Africa to bring his innovative coal technology to the continent when he perished in a plane crash. His will was originally created years prior when his estate worth was estimated to be AU $130 million. At the time of his passing, however, his estate had grown over ten times to AU $1.3 billion and he hadn't yet finalized an updated will. His beneficiaries were unaware of both the existence of his will and his intentions, which led to significant legal battles and the devaluation of a number of his assets. What could have been done differently to prevent the legal nightmare and emotional distress that plagued his family and ensure his loved ones carried out his intentions?