From The Headlines: Famous Actors Die Without a Will

From the Headlines: Famous Actors Die Without a Will

By Melinda Gustafson Gervasi

December 29, 2020

The year 2020 stoked our awareness of immortality.  The entire world became painfully aware that even the young, strong and healthy could fall victim to Coivd-19.  Yet, while there was a spike for estate planning services, 62 percent of Americans still do not have a will.  And it is not just the average American without these essential documents; the wealthy and famous are members of this group of procrastinators.  

At age 43, Chadwick Boseman (most recently known for his role as The Black Panther) died after a several year battle with cancer.  He died without an estate plan.  Then on November 27, 2020, Tony Hsieh (age 46) died due to smoke inhalation.  He also died far too young, and without an estate plan.

Intestate, when you die without a will, means that state legislation and a judge's oversight will dictate where your probate property will go.  Probate property is anything you own with no co-owner or named beneficiary.  Not creating a plan is likely not caused by a lack of resources, even Prince, who died in 2016, who took extreme legal measures to protect his music died with no estate plan.

So why the lack of action?

• believing you are too young to die
• thinking you'll dodge death by not planning for it
• avoiding the unpleasant topic of your demise
• having no clue where to even start wrapping your mind around the topic

Does the reason for avoidance really matter?  The point is, make a plan and take control.  Read more about the artists mentioned here and you'll uncover a trove of information about excessive taxes, family infighting, and wishes that never materialized.  As we welcome the New Year, consider where the proper place on your To-Do-List the task "create (or update) an estate plan" should fall.

Thanks for reading.  Remember that a blog is not legal advice; it is meant to spark thought and discussion.  Always seek legal counsel from an attorney licensed in your state of residence for advice specific to your situation.  Best wishes for 2021.