It is no surprise that every day individuals all over the country pass away without any estate plan in place, especially a Will. Conversely, it is often shocking that high-profile celebrities are dying without Wills, considering their high net worth and vast assets.
Perhaps more famously, Aretha Franklin, Prince, and Jimi Hendrix all died without Wills or any other estate plan in place, leaving the fate of their estate in the hands of the courts. With Aretha Franklin’s recent passing, the outcome of her estate is still unknown, as the probate process can often take longer without a Will. Prince’s estate was fraught with wishful claimants, including potential unknown children and distant relatives, hoping for a piece of the pie. The control over Jimi Hendrix’s estate unleashed a battle between his siblings that lasted for more than 30 years. Additionally, because all of these celebrities are musicians, their estates can generate significant revenue and royalties after their passing, causing an even bigger issue for their families and the courts.
Indeed, a lesson to be learned from our favorite celebrities. You should always plan for the unknown whether you have a small estate or a celebrity-esque estate. It just might save your family the heartache, time, and money that you always hoped to avoid.