What can we learn from their mistakes?
When engaging in wills and estate planning, getting things correct right from the start is essential. The improper creation of a will or the lack of a will’s existence can cause many problems for would-be beneficiaries. That’s why you need reputable estate planning lawyers in Melbourne. This fact is no better displayed than in the wills and estate planning bungles of the rich and famous. Sometimes disputes go on for several decades after a celebrity has passed on. It seems ridiculous when stars have ample resources to access the most notable estate planners in their city. While our assets may only be a slight fraction of that of a famous celebrity’s, we can learn a lot from their mistakes in wills and estate planning.
Examples of high-profile estate battles
Jimi Hendrix may be one of the most famous guitarists of all time. He left an estate worth $80 million at his death, but he didn’t think to make a will. He died in 1970 at the age of 27. It just shows that you never know what will happen in the future, so even young people need to make wills, especially if they own many assets.
Prince was another case of a complicated estate dispute, between his siblings and half-siblings that went on for six years. His estate had an estimated worth of $156.4 million. Still, Prince had failed to create a will in his lifetime. Millions of dollars went down the drain in trying to come to an agreement between all interested parties on how the estate would be split up. Twice now, we have been reminded to put in the effort to hire estate planning lawyers in Melbourne before it’s too late!
James Brown’s estate sold for $90 million after 15 years of dispute. The litigation delayed his intended benefactors of underprivileged children needing music scholarships from seeing the money Brown intended to pass on to them. Singer and ex-wife of James Brown, Tomi Rae Hynie and five of Brown’s children sued the estate before the court found that Hynie had been married before marrying Brown and had no right to the estate. Note how even people with no legal right to your money can try to come after it when you’re gone.
Key takeaways from estates of the rich and famous
When you’re gone, you no longer have a voice to decide how you want your assets to be divided. The only avenue to express your wishes is through wills and estate planning. When preparing your will, seek the advice of trusted estate planning lawyers in Melbourne to ensure everything is set up correctly. Make a will with your lawyer, and ensure that you update it every 3-5 years or if something happens in your family, such as a marriage, birth, death, or loss of mental capacity.
Having a will in place will avoid most legal battles and associated heartbreak in the family. It’s even more important to have a will now that modern families are often ‘blended.’ This means that there may be children from previous marriages or partnerships and children from the current marriage who all need to be considered in a will. Family life is not as simple as it used to be, and that is all the more reason to hire trustworthy estate lawyers to help you figure it out.
Do your will the right way with P&B Law
Here at P&B Law, we have estate planning lawyers in Melbourne who are highly qualified and experienced in this area. We can offer support when you need wills and estate planning advice.
Contact us today and get your will sorted out for the benefit of your children and preferred charities.