Sadly, celebrity deaths often provide a good opportunity to review what not to do when it comes to estate planning.
Imagine being worth $300 million and not even having a Will
The recent death of the eccentric singer, Prince, offered another opportunity to see what not to do when it comes to estate planning.
Despite being worth an estimated 300 million dollars, the 57-year-old performer died without so much as a Will.
So, how on earth did that happen? Unfortunately, the greatest threat to an effective estate plan is doing nothing. And that’s what A LOT of people choose to do when it comes to planning. It’s “easier” to do nothing. It’s “easier” to just wait and see. It’s “easier” to think, “I’m young. Nothing is going to happen to me yet.” It’s “easier” to assume things will just work out.
Dying Without a Will is a Nightmare for Your Loved Ones
Assuming things will just work out is really not easier. If you approach your estate plan like Prince, and die without a Will (which is called intestate), then your family will HAVE to go to court (an unpleasant process called probate). Your family will most likely DISAGREE about how things should be handled. Your family will be at the mercy of a stranger, sitting on a bench to make IMPORTANT decisions. Even if your family gets along now, chances are, if you die without an effective plan in place, the process will tear them apart. And if your family already doesn’t get along… well, there is virtually no chance they will ever be able to repair the damage that’s been done.
Don’t do this to your family! Don’t expect them to take care of your affairs after you’re gone. Don’t expect that a judge will make the same decisions you would have made. Don’t expect that everything will just work out. It rarely does. We see it everyday.
You can avoid all this by taking action. And the first step is easy — check out our monthly no-pressure workshops. Our Intro to Edwards Group: Wills & Trusts Orientation is a great, no-risk, first step to take.
Call us at 217-726-9200 to save yourself a spot at an upcoming workshop. They tend to fill up. Take action today. Protect your family.