Davies, Barrell, Will, Lewellyn & Edwards, PLC has long been an advocate for protecting your family, your best interests, and especially the wealth you have created. The recent passing of the pop superstar and songwriter, Prince, has caused a stir for those concerned about the status of his estate. He died with an estimated accumulated wealth of around $300 million. The issue is, though, that Prince had never created a will.
Why Create a Will?
The point of drafting a will is primarily to determine how one’s wealth should be distributed following one’s death. You will be
in charge of seeing who should receive what properties or assets and who should benefit from your estate. Otherwise, the state will distribute your assets based on the laws of intestacy. This will not necessarily line up with how you envision your wealth to be managed. Because Prince did not have a spouse or any children, according to these laws, his estate was divided up among his siblings as well as his half-siblings.
The other largest disadvantage to not creating a will is that it will save on the overall expenses for the estate in the long run. For example, in the case of Prince’s estate, there may be significant taxes to pay, and could reach more than $100 million. Although many of us won’t face such a tremendously high tax obligation, the bottom line is that a well-formed estate plan can minimize the overall costs.
Contact Us Today
Our Culpeper estate planning attorneys at Davies, Barrell, Will, Lewellyn & Edwards, PLLC always place our clients’ best interests first. The goal is to ensure that any risks are minimized when planning for the future and your estate. If you have any questions about estate planning, you need a team with a reputation for sharp, exceptional legal counsel.
Call us at (540) 825-6000 to request a free case review.