Orlando estate planning attorney Ryan Saboff, Esq., of the Finity Law Firm, examines how dying without an estate plan, such as celebrities like Prince and Aretha Franklin, can be detrimental.
Approximately 50% of Americans die without any form of estate planning, and certain celebrities are no different. Superstars including Prince and Aretha Franklin both died without any form of estate planning, despite having net worths of approximately $300 million and $80 million, respectfully.
“Dying without a trust, a will or any other form of estate planning makes the process of settling one’s estate significantly more complicated after death because you usually will have to hire a probate lawyer,” said Saboff.
Case in point, the beneficiaries of the estates of both Jimi Hendrix and Bob Marley fought over the estates for over thirty years before they were finally resolved. “However, despite the heirs of these public figures battling it out through the court systems for years, Americans continue to procrastinate in establishing their estate plan, and in many ways their legacy, until it is too late,” continued Saboff.
After Prince died in April 2016, numerous claimants appeared, claiming that they were previously his wife, partner, child, sibling, or even distant relatives. Although many of these claims of heirship were rejected by the probate judge, a number of these individuals have already filed appeals. The probate proceedings for Prince will not be resolved and no money will be distributed while these appeals are pending.
About Finity Law Firm, PLLC
The Finity Law Firm has business, guardianship, probate and estate planning attorneys in Orlando. The firm focuses on legal solutions that protect your family, business, and your legacy. To get updates on information in their practice areas, like them on Facebook. For more information, please call (407) 636-4066 or visit www.finitylaw.com. The law office is located at 1101 N. Kentucky Ave., Suite 201, Winter Park, FL 32789.
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