Some artists are fortunate enough to experience a thriving career for a solid decade. Legendary artist David Bowie was able to remain relevant and thrive for more than 40 years. Bowie, perhaps best known for his glam rock style and movie role in The Labyrinth, passed away at the age of 69 after battling cancer for more than a year. It’s hard to imagine what his family is experiencing during this troubling time. Their main focus should be on grieving and consoling one another (and hopefully it is). Unfortunately, if Bowie didn’t have an estate plan in place this very emotional time may become clouded with legal matters.
Benjamin Franklin put it best when he said “if you fail to plan, you are planning to fail.” While this quote can undoubtedly be applied to many areas of your life, it is especially true when it comes to estate planning. Estate planning is planning for the distribution or management of your assets in the event that you should become incapacitated or pass away. The Last Will and Testament is likely the most basic estate planning technique and one everyone should have. If you are skeptical, then keep in mind that Benjamin Franklin quote as I illustrate what will happen in the event that you don’t have a will in place. By failing to create a will you are surrendering control over your assets and allowing the state to begin making some very important decisions on your behalf. The state will decide who will raise your minor children (should you have any), who will act as personal representative and statute will determine who will receive your assets. This could mean that someone you do not like could end up inheriting all that you own. Unfortunately, whether you have a will or not, your loved ones will be subject to the probate process (the legal process of administering the decedent’s estate). However, with a will you can eliminate a lot of stress involved with the probate process, potential arguments between loved ones and ensure that your wishes are not only heard but followed.
You may not be a rock legend like Bowie but you certainly have acquired assets through hard work just as he has. Don’t fail to plan, call the attorneys at Wild, Felice & Partners, P.A. today at 954-944-2855 and schedule your free consultation.
For more information on Estate Planning, Asset Protection and Probate, visit our website at www.wfplaw.com.
It’s A Wild World. Are You Protected? SM