Celebrities are often made public for their mistakes, even after death. Many of these errors we also make. Prince, the superstar musician, died unexpectedly in April 2016. Managing his large estate was complicated and expensive, with no will. Six years have passed since the star’s death, and the estate has just started moving forward in 2022.
Although it is easy to assume that only the wealthy are the most well-off, it can be difficult to judge celebrities for not creating a will. Creating a will may seem unnecessary and burdensome if you don’t stop thinking about what happens to you when you die. It is vital to have a will. This cannot be overemphasized. These are just a few reasons everyone should have a Will, regardless of their wealth or age.
You Have the Option To Name the Person Who Will Manage Your Estate
You can choose someone you trust and ensure they have the right knowledge to carry out your wishes regarding your estate.
You Have the Power To Choose Who Your Beneficiaries Are
If you wish, you can also defer to those who would otherwise be able to inherit your estate. You own your wealth and possessions. A will is legally binding to ensure it is distributed to the right people.
You Can Ensure Your Children Are Raised By People You Love, and For the Long-Term
You should name a legal guardian if you have minor children and make provisions in your will for their care. A will is insufficient to provide immediate care for your children in an emergency. It won’t cover your care if you cannot care for them.
Donations and Gifts Can Be Left To Charities You Choose or People You Care About Beyond Your Legal Family
Your estate will pass to those legally allowed to, which may not be the person you want to inherit everything. A will allows you to decide who gets what.
- A will is important, but it can only do so much. A will, for example, does not protect your family from the courtroom.
- A will doesn’t guarantee your children will not be taken from your home if you are killed.
- A will doesn’t protect your family from conflict.
- The will is just one component of an estate plan that will ensure your wishes are protected and enforced after you die.
Fleurinord Law PLLC can help you make informed, empowered, and educated decisions about the financial and legal futures of those you love. We could have sat down and discussed Prince’s 156 million-dollar fortune with his heirs. It wouldn’t have taken six years for the courts informally to decide how the money and rights would be divided.
We will guide you through the process of creating an estate plan that protects what is most important to you. The Life and Legacy Planning Process will help you preserve and protect your wealth for the future. We will send you a Family Wealth Assessment and Inventory before the session. This will help you think about what you have, what is most important to you, and what you want to leave behind.