The musician ‘Prince’ died suddenly in 2016 at age 57. Without a will. His estate was worth more than $150 million. Other famous people, worth millions, who have died without a will include:
| Abraham Lincoln | Bob Marley |
| Martin Luther King, Jr. | Kurt Cobain |
| Amy Winehouse | Tupac Shakur |
| Aretha Franklin | Sonny Bono |
| Pablo Picasso | Barry White |
| Howard Hughes | James Brown |
Some were young and didn’t think they needed a will. Some were old, sick, and they didn’t want to think about it. According to a 2015 Rocket Lawyer survey, 64% of Americans don’t have a will.
Of those surveyed without a will, most (60%) indicated they simply haven’t gotten around to making one yet while just over a quarter (27%) don’t feel that it’s urgent. People don’t like to think about wills because it forces them to think about their own death. It’s also viewed as costly: people believe that lawyers are expensive and those same folks often underestimate the value of their assets, thinking that they don’t have much to distribute.[1]
If you die without a will, the laws of each state set forth who will get what part of your estate, based on the degree of relationship. The cost of dividing up an estate without a will, even if the family is in agreement, is substantially more than with a will. If the family is not in agreement, costs can easily be ten, twenty or more times than if you have a will. Additionally, in contested matters without a will, assets and title to real property can be tied up for years, or even lost, and estate assets can be dissipated by taxes and attorney fees.
If for no other reason than to avoid this kind of grief, and minimize costs in time and money, you owe it to your surviving family to get a will done now, while you are in good health.
For more information on obtaining a will and probating a will contact the Law Office of Elliott Klein, PLLC.
[1] Forbes 4-17-2016 “17 Famous People Who Died Without a Will’ Kelly Phillips Erb.