These Music Legends Didn’t Have a Will. Do You?
Music legends Prince, Jimi Hendrix and Bob Marley died without a will or estate plan in place, setting off family drama over their estates. According to the American Bar Association, they’re not alone — it’s estimated that 55 percent of Americans die without a will or estate plan in place. Granted, you may not have the substantial assets that these music legends had, but that doesn’t mean you don’t need a will.
7 Reasons to Create a Will
A will or estate plan can help you:
- Take care of your dependents. If you have children, you’ll want to name a specific family member or friend as guardian to care for them.
- Distribute assets. A will allows you to name who will receive your real estate and personal belongings, such as a car, family heirlooms and other valuables.
- Avoid a family feud. Having a will that clearly spells out your wishes may help minimize any family disputes or squabbles about your estate.
- Ease a burden at a difficult time. Your loved ones will appreciate having your wishes spelled out so they won’t have to guess at what you would have wanted while they’re grieving.
- Support a favorite charity. You can set aside money or property to go to a specific charity of your choosing.
- Enjoy peace of mind. While no one likes to think about death, a will or estate plan can help you rest assured that when you’re gone, your loved ones will receive the property you leave to them and your wishes will be carried out.
- Communicate your wishes for your care. If you become physically or mentally disabled, you’ll want to appoint a loved one to make decisions on your behalf. Be sure you name someone you trust to take charge of your financial and physical well-being with powers of attorney.
If you’re hesitating because you’re not sure, remember that you can always change your mind. Wills and estate plans aren’t written in stone. If your life circumstances change due to the birth of a child, a divorce or other events, you can adjust your will accordingly. In fact, you should review your estate plan regularly to ensure it’s still in line with your wishes.
Don’t wait. Contact your Client Advisor to learn more.
Tags: estate planning