Everyone should have a will…PERIOD.
Without it, all of your hard work could end up exactly where you don’t want it. Not only will it ensure that your belongings stay with family (or not, depending on your relationship), but it makes the process smoother and less likely to cause strife.
Look at Aretha Franklin. After her passing it was discovered that she had no will and her $80 Million estate is now tangled in a legal mess. While the law in Michigan states that her estate be evenly divided among her 4 adult sons, it is likely that her assets will be contested.
The same thing happened with Prince and his estimated $150 Million estate. It’s been two years and his estate is still being contested, as heirs have come forth to insist upon ownership of his estate – including his 5 half siblings, one of whom hasn’t seen him in over 15 years. Prince also left behind thousands of hours of unpublished music, and both the rights and releasability of those tracks have been up for raucous debate in the absence of a will’s clear directive.Read More