In the past months, we have read and heard a great detail about a rock musician who passed away unexpectedly. Although I have no doubt he was extremely talented, I did not consider myself a fan of his music and was not aware that he was still performing. I was surprised, therefore, by the amount of publicity generated by his passing.
However, I became keenly interested after reading an article about what would likely happen next. It appears that this musician’s estate had been valued at $300 million, a value that will apparently significantly increase due to his passing.
It also appears he did not have a Will or trust.
As a result, he has given up all control over where his estate will go and how it will be divided. The government will now make those decisions. I dare say that the government will also receive a huge portion of that estate.
Had he taken the opportunity to “plan when you can,” the outcome would have been very different. Most importantly, this musician could have made sure his estate went to the people he wanted to provide for.
Your estate may not be “rock star” large; but it matters. It is a representation of what you have spent a lifetime building. It is also a means by which you may be able to bless the lives of those you leave behind.
Do not assume that the “right thing” will happen when you are gone. Even if your family knows what you considered to be the “right thing,” they may not be able to make it happen. That option may have disappeared with your passing.
Just as importantly, do not assume you will be able to take care of the issues sometime in the future.
© 2016 Steven J Wright
Tags: estate planning