The effect of lack of Estate Planning had far-reaching consequences for these celebrities. Even the rich and famous also fail to plan their future properly when it comes to Estate Planning. There are a number of celebrities who died without a Will. Estate planning for high net worth individuals has the same importance as it is there for a person worth $20000-$30000. Both are hard-earned assets and everyone wants to get them distributed among their family members after them.
You might think that these disputes will not arise in your case as your Financial life is not that complex and you have plenty of time to think about it. Unfortunately, you are wrong. You never know what is going to happen the very next moment. You need to understand the importance of Estate planning in your life and get started to create yours.
Following is the list of Famous Celebrities who died without a Last Will and Testament which will give you an insight on what to include and what to avoid while writing your own Will.
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Jimi Hendrix
Jimi Hendrix was an American guitarist, singer, and songwriter. He is one of the most famous electric guitarists of the 20th century in the history of popular music.
On 18th September 1970, Jimi Hendrix died at the young age of 27. He died intestate. When Hendrix passed away, his net worth was more than $800,000 in 1970, which is equivalent to $5 million in 2022.
The battle for the distribution of his estate continued for 30 years. If he had made a will, his estate would have been divided as he wished, but unfortunately, his family and loved ones had to suffer through a long legal trial.
“Should have done this before, had made it up to be really hard in my head. This was super easy!”
Stieg Larsson
Stieg Larsson was a Swedish writer, activist and journalist who was born in 1954 and died suddenly in 2004 due to heart failure. Larsson was living with his long-term partner for several years without marrying.
But, all his wealth was transferred to his estranged family at his death. His partner received nothing. This might not be his last wish. He must have wanted to give some part of his wealth or maybe the whole of it to his partner. Due to lack of Will, the court did not consider her to have a share in Larsson’s estate.
Abraham Lincoln
Abraham Lincoln was an American Lawyer who served as the 16th President of the States from 1861 to 1865 when he was assassinated. He was born and brought up in a poor family and his estate in 1861 was roughly $15000 which grew to $85000 in 1865.
Despite being a Lawyer, he never had a Will. It may be because he would have never thought of dying suddenly or being assassinated. If he had a Will, he would have divided his wealth among his family as per his wish. Maybe he wanted to give everything to his wife, That's what people usually do.
But, because of dying intestate, his Estate was divided between his wife and 2 children.
Prince Rogers Nelson
Born in 1958, Prince was an American Singer, Lyricist and multi-instrumentalist. With a $156 Million valuation in 2016, he died intestate.
He left a valuable and complicated Estate with 2 divorces, and many siblings and was unmarried at the time of death. It has been more than 60 years since his death and the court has not distributed his wealth to the heirs till now. All this happened just because of their ignorance of Estate Planning by Prince.
Due to the lack of a Will, there was a lot of disagreement among his family and relatives that continued for 4 years which could have been avoided if Prince had a Will.
Lessons we learnt from these Famous people:
- You are never too young to have a Will. Death is the inevitable truth of Life and no one can predict the time of his/her death. You should always be prepared for tomorrow to avoid any future regrets.
- Do not wait for retirement or any Illness and Create a Will now. Having an Estate plan at the earliest is the best way to protect your loved ones. What if you die suddenly without a Will? You are not going to take even a single penny with you after death. So, make sure you prescribe the best use of your wealth in your Will to avoid any further grief to your family and relatives.
