When an entertainer passes on, their fans in Florida and throughout the country tend to listen to that person’s music or watch that person’s movies. This means that a deceased performer may continue to make money after he or she dies. It is estimated that Michael Jackson made $1 billion in revenue in the first year after he died. However, celebrities such as Aretha Franklin and Prince had no estate plan at the time of their deaths.
John Singleton had an outdated estate plan in place, which has resulted in a lengthy court battle. Singleton’s will was written after the birth of his first child and was not amended after each additional child was born. However, there are rumors that the director created a trust fund that may generate revenue for the benefit of his other children. While not everyone has millions of dollars to their names, an estate plan can be beneficial for most people who have assets.
Wills, trusts and most other plan documents can be updated as needed, and it isn’t necessary to have an attorney craft them. Of course, an attorney may be able to spot issues with a plan and help correct them before a person dies. In most states, a will is valid if it is signed by two witnesses or if it is properly notarized.
Wills may provide people with control over their assets after they die. It may allow a person the right to dictate who gets an asset or who will raise a minor child. Those who want the terms of their estate plan to go into effect while they are still alive may want to consider creating a living trust. An attorney might be able to further explain the differences between wills and living trusts.
