Don’t let your estate plan be like the rich and famous. Most people assume they don’t need an estate plan because they’re not rich and famous, or they don’t have substantial assets that they believe would trigger the estate tax. However, if we’ve learned anything from celebrities in the last several years, it’s not a good idea to approach estate planning the same way that they do.
This is because celebrities often put off the process of estate planning all together and leave their families to deal with the fallout. Celebrities often put forward critical examples for all of us to avoid. Including the recent estate of Aretha Franklin.
Although Aretha has four sons that will be entitled to her estate through the state law, the need to handle finances for the popular diva, has also claimed a portion of the estate. Another example comes forward from the singer Prince, who left an approximately $200M estate without a will or a trust.
A sister and five half siblings who believe that they’re entitled to a portion of that estate argued earlier this year that they have yet to receive even a single penny from the estate, and were concerned that they would get nothing after all of the court administrator and estate administrator fees were paid.
You can help your loved ones avoid this particular situation by doing your estate planning in advance. Although you might not have an estate that is the same size as the celebrities, or one that is valued at hundreds of millions of dollars.
The support of an experienced estate planning attorney is critical of people for all ages and with a estates of all sizes. This is because you can’t make the mistake of failing to approach the estate planning process without leaving behind consequences for your loved ones. Most people want to avoid putting their loved ones in a difficult situation of arguing with one another or having to go through the court for additional support.