August is Make a Will Month, which is a time dedicated to strategizing for the future. In this section, we discuss a few well known estate planning issues from the headlines.
In the News
You may have seen that Aretha Franklin's loved ones are still caught in a legal battle due to the existence of multiple wills. The lesson from this situation is clear: creating a thorough estate strategy might help individuals and families handle stress while attempting to manage the legal process after one's passing.
Other Examples
Another influential figure who encountered challenges regarding their estate, despite their success and fame, is late Robin Williams.
On paper, Robin Williams had his estate strategy in place. He had most of his assets in a trust, in addition to having a will. While his estate made provisions for his house and financial assets, an important aspect of his legacy was overlooked - memorabilia. This unintentional oversight resulted in his wife and children taking opposite sides in court, as they both claimed ownership. This illustrates the importance of a comprehensive estate approach, covering not only financial assets but everything you own. 1
Conclusion
Make a Will Month allows us to reflect on our circumstances and take proactive steps to help our loved ones in the event of our passing. By creating a will, we are taking the first step toward providing clarity and guidance regarding the distribution of our assets, attempting to mitigate the burden on our family members during an already challenging time.
1. LAtimes.com, March 30, 2015
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