Hamilton Law Blog

Even Celebrities Neglect Estate Planning To Their Detriment

Posted by Ean P. Hamilton, Esq. | Jan 11, 2023 | 0 Comments

The core of this topic is not centered around gossip, but it highlights how common it is for people to pass away without a will. One of the most common reasons people forego estate planning or even create a basic will is because they assume they don't have enough assets to warrant it. Although we have said this previously, it is important enough to state it again: you have more assets than you think. When you neglect an estate plan, you leave a mess behind for the people you love the most.

When you say that you don't have enough assets, ask yourself if you truly believe that or if you are using it as a convenient excuse. For many people, it's the latter. If that is you, then you still have time to correct your situation by contacting an estate planning attorney. It is also important to point out that the celebrities we are about to discuss had extensive assets and still didn't have anything in place. Take comfort in knowing that other people have made this mistake, but you take action and rectify the situation. Ok, onto the celebrities.

Prince is Still Amazing

Although none of us will deny that Prince is incredible, he didn't have an estate plan. (Fun fact: attorney Phillip E. Hamilton went to a Prince concert, and attorney Ean Hamilton can sing “Purple Rain” better than most!) People estimate that Prince's net worth at the time of his death was close to $200 million. You would think someone with that much money would have some documents together. Unfortunately, he did not.

We have stated that passing away without an estate plan can lead to a costly and lengthy journey through probate. Imagine how complicated it can become when you have $200 million and six siblings fighting over your estate as Prince did. His estate was not settled for six years! If you take away nothing else, remember that this is preventable. Don't end up like Michael Jackson or Bob Markey because neither of them had estate plans.

Hamilton Law is Here to Be Your Solution

Although we can't help Prince or his estate, we would be proud to assist you. We listen to our clients' wishes and prepare an estate plan based on those needs. Using the most basic language, you need to put into writing where your assets should go. Imagine being in a relationship with someone for over four decades, but you choose never to get married. If you were to pass away, don't you want to ensure that the person you have spent most of your life with is taken care of?

That last scenario is based on actual events. The deceased left behind children and no estate plan. When you don't create a plan, you leave behind the potential for fighting, And all of this occurs when your family is supposed to be mourning. This is a very emotional time, and there is no need to complicate matters by not making an estate plan. Not only is this preventable, but you can resolve it now. Contact Hamilton Law, PLC, and schedule your free consultation with one of our estate planning attorney.

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