Anna Nicole Smith is a prime example of a fact: It’s often later than you think. In her case, she probably didn’t realize that she wouldn’t live to be 40 years old. She probably didn’t think much of having an up-to-date will or estate plan.

However, late life is simply not the best time to plan. The best time to engage in estate planning is when you are young and healthy. Then, as age advances or life circumstances change, the plan needs to be updated.

The death of Anna Nicole Smith and her estate “plan” provide instructive lessons for all of us regarding our own estate plans:

Lesson 1: You never know when…

This is obvious. Unless the autopsy report concludes that his death was the result of suicide, it is doubtful that Smith knew that he would never turn 40.

This highlights the fact that the best time to engage in financial and estate planning is when we are healthy. However, it is very easy to wait and just not think about it until we have to. But we never really know when that crisis will occur.

Remember: planning for the future doesn’t make it happen sooner or later.

Lesson 2: Keep it up to date.

Smith’s will shows that it was prepared before two important events in his life: before the death of his son, Daniel, and before the birth of his daughter, Dannielynn. But his 2001 will made no provision for Dannielynn.

In fact, Smith’s will apparently disinherits any future children, possibly including Dannielynn. The first article of the will states that “I have intentionally failed to provide for my spouse and other heirs, including future spouses and children and other descendants now living and those born or adopted in the future…”

Little did Smith realize in July 2001, when he executed his will

(1) that her son Daniel would predecease her (he died in late 2006),

(2) that she would give birth to a daughter Dannielynn,

(3) that she would not outlive her daughter, and

(4) that the United States Supreme Court finally revive her claim to her late husband’s estate, estimated at $474 million.

Once again, the lesson: keep your estate plan up to date.

Lesson 3: An Outdated Estate Plan Will have unintended consequences.

Given the language in his will, including clauses specifically omitting gifts to those not named in the will, daughter Dannielynn may not receive any portion of Smith’s estate. However, on the other hand, it is also possible (but not certain) that Dannielynn’s rights to the estate could be established through California’s “Pre-Term Statute”. [Probate Code Section 21620].

It is very unlikely that Smith really wanted to disinherit his future daughter when he prepared his will. Unfortunately, however, disinheritance is a possible outcome given the wording of her will. At the very least, unnecessary ambiguity almost guarantees lengthy litigation.

Failing to plan your estate in a timely manner almost guarantees unintended consequences.

Lesson 4: How about your child’s tutor?

One of the main purposes of having a will is to appoint a guardian for your children. Smith appointed a guardian for Daniel, but of course he did not appoint a guardian for his daughter Dannielynn.

Given the fact that paternity will likely be established (from a pool of potential fathers, I might add), the lack of an appointed guardian is probably not an issue in Dannielynn’s case.

However, even if your estate isn’t worth $474 million, and few are, it’s yet It pays to have a will. Most of us will still need to identify a guardian for our children.

And who knows what else life will bring? Once again, keep it updated.

Disclaimer: The information in this article is not legal advice and its use does not create an attorney-client relationship. Any liability that may arise from your use of or reliance on this article or any link in this article is expressly disclaimed. This article should not be relied upon as legal advice, and is subject to change without notice, or may contain outdated or dated information, or information that is not relevant to your jurisdiction. If you need legal services, you should consult an attorney.