Perhaps the most surprising fact reported following the death of musician Prince Rogers Nelson was that the celebrity died without a Last Will and Testament. As mentioned in a previous blog article, Prince’s sister Tyka Nelson filed an Emergency Petition in a Minnesota court seeking the appointment of a Special Administrator. The circumstances surrounding the celebrity’s death is not uncommon, as 55 percent of Americans do not have a will or an estate plan in place, according to LexisNexis.
Wills are an important part of estate planning to consider, even for young people. They protect the succession of assets and ensure that the intended beneficiaries are able to access those assets, according to the deceased’s wishes. To accurately reflect the wishes of an individual, a Will should be reviewed and re-drafted every decade or so or when personal circumstances change.
Some of the factors that may affect an individual’s decision to draft a Will may include a person’s medical condition and family medical history; participation in the armed forces; level of involvement in dangerous recreational activities such as alcohol and drug consumption; health and fitness habits; and desire for financial independence.
When it comes time to draft a Will, a person should list his or her assets and desired beneficiaries. It is just as important to include digital assets, such as access to photos/videos, documents and other files, passwords and sensitive accounts (such as a savings account), as it is to consider physical ones. When drafting a Will, it is important to take into consideration extenuating circumstances, such as the unexpected death of a beneficiary. An individual may name a contingent beneficiary if his or her primary beneficiary or beneficiaries predeceases him or her.
Without a Will, the fate of a person’s estate, stocks, savings and other holdings could be decided by the state. Without a Last Will and Testament to provide clear guidance for the division of estate and assets, a deceased’s loved ones may encounter stress and be forced to endure costly legal battles to settle the estate following the loss of their loved one.
When considering drafting a Last Will and Testament, it is important to contact an experienced estate lawyer who can guide you through the process and help you make informed decisions that affect both you and your loved ones. If you or a loved one needs a Last Will and Testament or other Advance Directives, contact the experienced attorneys at Hobson-Williams, P.C. at (718) 210-4744 to ensure that your property passes to those you choose and not according to the laws of intestacy.