Plenty of celebrities are in the news for all the wrong reasons when it comes to the time of their passing. Many of them either don’t realize or don’t anticipate the possibility of their estate plan being invoked sooner than they expected. The fate of 43 year old actor Chad Boseman’s estate is left up to the courts. The estimated value of his estate is nearly $939,000 and his wife has requested to be the administrator of the estate.
These are only the probated assets, meaning that there can be additional assets inside qualified retirement accounts and life insurance. Many celebrities leave behind substantial estates which can prove very problematic and confusing for loved ones in the event of a star’s sudden passing.
Prince, too, passed away with a substantial estate but no planning to support it. Estates of all sizes can benefit from the support of an outside estate planning attorney to determine the primary objectives of your estate planning and how to leverage tactics to achieve those goals.
Learning from the mistakes of celebrities, you might assume that since your estate is smaller that it won’t have the far-reaching repercussions of someone with vast wealth. But you could make things unnecessarily hard for your loved ones when you have no estate plan, especially since that situation is easily avoided.
Even if you do not have an estate reaching into the high six figures or seven figure range, you can make things a lot easier for your loved ones by doing the work of estate planning today.
A Virginia Beach estate planning lawyer can sit down with you and any necessary loved ones to walk you through the connection between your estate and your current strategies so that you can get questions answered promptly.