What Do Prince, Howard Hughes, and James Brown Have in Common?
Iconic individuals like Prince, Howard Hughes, and James Brown have left cultural legacies that still stand the test of time. However, these famous men can teach us a valuable lesson via inaction. Other than having significant wealth and maybe similar zip codes, these three men did not have an estate plan.
What Happens When No Will Is in Place
It can be hard to imagine that these men had no plan for the amount of wealth they accumulated, including how to distribute it upon their deaths. Prince and Hughes both died without a Will or a Trust. Brown had a Will in place, but he failed to update it to account for his marriage or include his youngest child.
The adage, “Pay now, or pay later,” rang painfully true for these three gentlemen. If they remembered to “pay now” by seeking estate planning advice and writing a Will while they were alive, their families would not have had to “pay later” by losing out on funds or control over the management of these estates.
The hard lesson here is that if you don’t use a Will or Trust to determine your estate’s management and disbursement upon your passing, the state will step in and make those decisions for you. Unfortunately, what the state does with your assets is not always in accordance with what you or your family would have wanted.
Estate Planning Protects Families
Regardless of how much money you have, it’s important to discuss how a Will or Trust would benefit you and your family. The freedom and ability to direct the transferal of your estate’s assets or who should receive payment upon your death is of significant importance.
If you already have an estate plan in place, you should review it every 3-5 years to determine if you need to make any changes. For example, have you lost anyone in your family? Did you have or adopt one or more children since you initially created your estate plan? Did you get divorced or remarried? You need to consider these and other factors when reviewing an estate plan for necessary updates.
Secure Your Future with a Comprehensive Estate Plan
It’s okay to learn from someone else’s mistakes, and this applies to not having a Will or estate plan in place. The Wills and Trusts lawyers at Donnellon, Donnellon & Miller are happy to meet with new clients who are interested in learning about and discussing the benefits of an estate plan. We can help you create a plan that meets your needs and circumstances. We’re also happy to review an existing estate plan and determine what updates are necessary.