The importance of having a will begins to resonate with people when a celebrity passes away without one. Most recently, Aretha Franklin passed away. After a decades-long career, with a voice that crowned her the Queen of Soul, she was able to accumulate a substantial wealth. Between concerts, recordings, investments, music rights etc., her estate was vast.
The one thing she didn’t have was a will or any kind of trust to manage it. It is more than likely that her 4 sons will eventually split the estate but it will be up to a Michigan judge to determine who gets what. In addition, since there is no plan anyone can make a claim against her assets and it will be up to the courts to decide the validity of their claims, which could take years to settle.
The majority of these issues could have been avoided with proper estate planning, beginning with a will.