These Four Famous People Would Have Benefited from a Wills and Trust Lawyer
Creating a will is not the most pleasant of tasks, nor do most people like thinking about it. But, not having a will, or not having a properly devised will, may lead to all kinds of complications regarding your legacy.
Stating your wishes in a will helps ensure that your property will be distributed the way you want, and will also help your heirs avoid unnecessary hassles. The fact is, though, that no one’s wealth is exempt from the legal problems that can happen without correct estate planning, and even celebrities make those mistakes.
Here are just some examples of celebrity estate planning fiascos and lessons we can all learn about how to handle our own planning and legacies:
Prince
The 80’s and 90’s pop icon died in early 2016, leaving no will. Supposedly, Prince had a distrust of legal system and profession in general.
A costly and lengthy court battle continues over Prince’s estate, and there seems to be a conflict about determining who his actual heirs are.
It’s a sad and important lesson that proper legal documentation protects our legacy, and a reminder not to let a general distrust or a previous bad experience cause our heirs to fight and potentially lose their inheritance.
Pablo Picasso
One of the greatest and most influential artists of the 20th century died in 1973 at the age 91. Picasso had six heirs and no will. A status with no will is referred to as “intestate”.
His substantial estate that included artwork, five homes, gold and bonds took six years to settle and cost $30 million.
A lesson for us all: take steps to ensure you have your estate planning documents in order before you go. When there’s no valid will, the estate is usually settled based on the laws of the state that outline who inherits what.
Jimi Hendrix
American singer, songwriter and one of the most influential electric guitarists, Jimi Hendrix died tragically at age 27. Just like Prince, he did not have a will when he died.
He did leave behind a long line of relatives, music industry big names, and business associates who all had an interest in what would become of his estate, including continuous earnings from his intellectual property. An attorney managed the estate for the first two decades after Jimi passed away, and then his father, Al Hendrix, was granted the control of the estate. Al disinherited his son, Leon Hendrix, and wanted to leave the entire estate to his adopted daughter Janie Hendrix. An estimated legacy was $80 million. Leon contested Al’s Will and lost the contest in 2007. The adopted daughter Janie Hendrix and Leon Hendrix finally reached the settlement in 2015 – almost five decades after Jimi Hendrix’s death.
When you don’t leave a will or trust, it can affect generations, and open a door to costly conflicts.
Tom Clancy
Tom Clancy, America’s, and the world’s, favorite international thriller author, left behind a huge fortune. However, his estate planning documents were not precise regarding some of the important details – leading to extra distress and drama for his family members.
Keep in mind, the more complicated your family and the more complex your assets and business dealings are – the more accurate, detailed, and proactive you need to be in working with your wills and trust lawyer.
An experienced wills and trust lawyer can provide useful advice on estate-planning strategies and help put your wishes in writing, so they are carried out after your death, and make sure that your will meets the legal requirements of your state.
It is never too early or too late to begin thinking about a last will and estate planning, and creating it is usually a rather simple and inexpensive process, especially knowing it can give you peace of mind, and save your family time, money and grief.
Since the laws vary from state to state, it’s wise to consult with a knowledgeable wills attorney in NYC.
At the Levin Law Group, our experienced wills and trusts attorneys in New York will assist you in advising and preparing a wide range of estate planning documents.
We invite you to contact us so we can help you take steps to ensure your wishes, interests and assets are protected. Get a will prepared by a trustworthy trust and wills attorney in NYC – contact Levin Law Group today for an estate lawyer free consultation.