A will is an important estate planning document. Just like average people, many celebrities forget this important planning tool. Not having a will could mean that your assets aren’t given to the right people, your children aren’t properly protected, and you don’t have a say in who will handle your estate matters. Take a look at some of the celebrity examples below, to learn more about the importance of proper planning. If you’re ready to create your will, meet with an estate planning attorney.
When rocker Kurt Cobain died in 1994, he left no will. Because he had no will, his wife Courtney Love was appointed as the executor and she and his daughter were the main heirs. Since there was no planning in place, Love was left to have full control over the assets that their daughter received.
Bob Marley also died without a will. Even though he was diagnosed with cancer and battled the disease for several months, he died with no estate planning in place in 1981. His family had many disagreements and lawsuits over his estate. This continued to be a long and costly legal battle.
Both of the above rock star celebrities made the mistake of not having proper estate planning in place. Because Cobain and Marley did not have a plan, their true wishes may not have been respected.
If you die without a will, your assets will be distributed based on your state’s law. It’s important to have a will so that you can control what beneficiaries receive your assets. You may not agree with your state laws.
What else can a will allow you to do? You can appoint a guardian for the care of your minor children and you can appoint an executor to serve as the person responsible for your estate’s affairs. These are two very important decisions that you want to have control over.
If you have yet to create a will, now is the time to do so. Don’t make the same mistakes as Cobain or Marley. If you’re ready to draft your will, consult with a qualified estate planning attorney.