You Don’t Have to be Famous to “NOT” Have a Will!

This originally aired on the Catholic Faith Network’s show CFN Live: https://youtu.be/AFLE2w4EDFk

Only 32% of Americans have a Will but yet 64% of Americans say having a Will is important.

Lacking a Last Will and Testament is a grappling oversight that can complicate life’s already complex act—dying. It doesn’t matter if you’re a household name or not; there are many reasons why you should consider having a Will.

So, you think about famous people, many of whom have wealth, they surely would have a Will. Not necessarily the case.  The shocking demise of renowned figures who neglected to prepare a Will illuminates a vital lesson to everyone, famous or not.

What happened when Prince died without a Will?

When Prince passed away in 2016 without a will, it led to a prolonged legal battle over his estate, which was estimated to be worth hundreds of millions of dollars. The absence of a will meant that his assets were to be distributed according to Minnesota State law, which typically divides the estate among the closest living relatives.

This situation resulted in numerous claims from individuals asserting them to be his heirs, and the legal proceedings became complex and drawn-out. The estate faced significant legal fees, and it took several years to reach a resolution. The case underscored the importance of having a will to ensure that one’s assets are distributed according to personal wishes and to avoid lengthy legal disputes.

What happened when Aretha Franklin died without a Will?

When Aretha Franklin passed away in 2018, it was initially believed that she did not leave a will. This led to a complicated legal situation as her estate, valued in the tens of millions, had to be divided according to Michigan State law among her four sons.

Later, handwritten wills were discovered in her home, which led to further legal disputes among her family members over the validity and interpretation of these documents. The situation highlighted the complexities and potential family conflicts that can arise when a clear, legally recognized will is not in place.

What happened when Pablo Picasso died without a Will?

When Pablo Picasso died in 1973 without a will, it led to a lengthy and complicated legal battle over his vast estate, which included artwork, properties, and other assets valued at hundreds of millions of dollars. The absence of a will meant that his estate had to be divided according to French inheritance laws, which can be quite complex.

The process of settling his estate took about six years and involved numerous legal disputes among his heirs, including his children and other relatives. The legal fees and taxes were substantial, consuming a significant portion of the estate’s value. This situation highlighted the challenges and potential conflicts that can arise when a prominent individual dies without a clear estate plan.

Without directives, your legacy could be akin to a tale of untold orchestral dissonance, a legacy unknown to nobody that echoes for generations, but not in harmony.

 The Who Decides Quandary

When the stark reality of departing sans Will hits, the question isn’t just ‘what happens to my stuff?’ – it’s ‘who gets to decide?’ If you die intestate, the law steps in to distribute your assets based on your state’s statutes.

• Spouses without children may inherit everything.
• Spouses with children typically split the estate.
• Unmarried partners generally receive nothing.
• Siblings, nieces, nephews, and more distant relatives could end up beneficiaries.

Your exclusion of a Will is an inclusion of chaos, a lack of autonomy on your final disposition, and a potentially contentious committee replacing your voice.

What are some benefits of having a Will?

If you are averse to the unenviable soap operas that unfold posthumously in the absence of a Will, consider the merits beyond averting melodrama:

Having a will is important for several reasons:

1. Control Over Asset Distribution: A will allows you to specify exactly how you want your assets distributed after your death, ensuring your wishes are followed.
2. Minimize Family Disputes: By clearly outlining your intentions, a will can help prevent misunderstandings and conflicts among family members.
3. Appoint Guardians for Minors: If you have minor children, a will lets you designate a guardian, ensuring they are cared for by someone you trust.
4. Charitable Contributions: You can include bequests to charities or causes you care about, ensuring your philanthropic goals are met.
5. Efficient Estate Settlement: A will can streamline the probate process, potentially reducing legal costs and the time it takes to settle your estate.
6. Executor Appointment: You can name an executor to manage your affairs.
7. Peace of Mind: Knowing that your affairs are in order provides peace of mind for you and your loved ones, reducing stress during a difficult time.

 What role does a Will play in our lives?

 The delay caused by not having a Will is perhaps the most inexpensive gamble any of us routinely make.

In our enduring affinity to live with purpose, ensuring that purpose extends beyond our last breath calls for Willful intent. Whether it is to avoid celebrity-status debacles or merely to secure a tranquil legacy, drafting a Will is an indispensable piece in life’s highly personal puzzle.

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