Planning for the future is not always an easy task, and people often put off this endeavor because they assume it is not important or pressing for their specific situation. Texas adults may presume that they have time to create an estate plan, but due to the unpredictability of life, this is not a task to delay. Certain celebrity deaths provide a lesson regarding the importance of having a complete estate plan and what can happen if one passes without certain protections in place.
Dying without a will
A will is a critical estate planning document that allows one to outline his or her preferences regarding the distribution of personal assets after death. If one passes away without a will, state laws may be the determining factor in what happens to estate assets. Heirs and beneficiaries could find themselves in an extensive and complex legal battle as they pursue their rightful claim to the estate of their loved one.
Actor James Gandolfini passed away without taking into consideration the potential tax ramifications of his estate planning decisions. As a result, his heirs paid a high price after receiving their share of his estate. Prince, the famous singer, died without a will, leading to a complex battle between different individuals who supposedly had a rightful claim to the estate.
Lessons from the rich and famous
Most Texas adults do not have tens of millions of dollars at stake, but estate planning is still critical for everyone. By having a plan in place, one can have the final say over what happens to his or her property and protect the interests of heirs. It will help to have the assistance of an experienced attorney when creating a complete estate plan.