Celebrities don’t always plan for the inevitable.
The news of Prince’s recent untimely death brought many issues to the forefront – such as the surprising revelation that Prince apparently had neglected to establish any type of estate plan. His family, including a few with questionable ties to being blood-related to the music legend, are already fighting over his wealth, estimated at over $300 million. The presiding judge is not convinced that there is no will, but so far, none has been found.
Many notable celebrities have died without a will or other appropriate planning document. Some whose names you will recognize are Bob Marley, Pablo Picasso, Amy Winehouse, Dr. Martin Luther King, Jr., Heath Ledger, and even Howard Hughes. Why would these gifted, intelligent and wealthy individuals neglect such an important task? I have three suggestions:
- Failure to acknowledge their mortality – yes, even the rich and famous someday meet their demise, but many are in denial about this eventuality.
- Lack of trusted professional advisor – celebrities are noted for having too many people tagging along, giving advice, and generally taking advantage of them which often results in these individuals having no one person that they actually trust.
- Procrastination – with such an exciting life to lead, who has time to sit done to a relatively boring task such as creating a testamentary plan?
These excuses for putting off the very critical task of creating an appropriate estate plan often apply to ordinary folks as well. Unless you have no regard for protecting yourself and your family, don’t be like Prince and leave this project until it is too late!