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Home » Firm News » Lessons from singer’s estate

Estate plans are beneficial for people from various walks of life. However, for those with expansive estates, such as certain iconic singers, it can be essential.

As the world looks on during the litigation of one singer’s estate, it has become a cautionary tale. In fact, there are a few lessons people can take from watching this situation unfold.

Dueling wills

While initial reports stated that the singer did not have a will in place, three different wills have come to light. This poses a few problems. Not only does the state have to decide if any of the wills are valid, but they must also determine which of the valid wills is most in line with her final wishes. Considering that the wills were found after the probate process began, the introduction of the wills might alter parameters already set in place, such as the estate executor. This shows why it is important for parties to create one valid will and to make any modifications to the will clear.

Have a plan

Since there was no official will filed with the state in this case, the estate was initially thought to be intestate. When parties do not have an estate plan or will in place, the state takes control of distributing that estate. If she had submitted a will to the state, it would stand as her validated wishes and may have helped avoid certain aspects of the probate process, in turn saving time and financial resources.

Trusted parties

Discovering the wills took so long because no one was aware of their existence. That is why estate holders should inform at least one trusted person of where their will is, if not intrusted to an attorney or filed with the court.

While the hope is that the estate issues resolve quickly, the truth of the matter is that the lack of a plan leaves the estate at the mercy of the court. At such an emotionally charged time, having a proper estate plan in place can be beneficial for all parties involved.