THE AMOUNT OF WEALTH ISN’T THE ISSUE
Completing our series on “estate planning lessons we’ve learned from the famous,” it’s important to recognize that the list of famous people who died without a trust or a will and legal battles ensued is long.
For example, Jimi Hendrix died in 1970 and the battle over his estate lasted 30 years. It took 6 years for the Estate of Pablo Picasso to be settled, and $30 million dollars was paid to the attorneys.
Howard Hughes did not have a Will and after years of litigation his estate ended up being distributed amongst 22 cousins, many of whom he hadn’t seen in years.
In our office, we do see the unfortunate consequences when someone does not have a thoughtful, updated estate plan and the amount of money in your Estate doesn’t matter. The emotional and financial burdens on your loved ones is the same.