The Hidden Costs of Doing Nothing to Prepare for After End of Life: How Delay Can Jeopardize Your Care and Legacy

Have you done what’s needed to prepare for after end of life?

Most people feel invincible in their lives. They think everything will be just fine and they’ll prepare for after end of life – get around to creating a plan – “later.” It happens every day throughout the United States… Ordinary people, as well as famous celebrities, procrastinate when it comes to creating wills and estate plans.

The truth is that the unexpected happens. People have accidents. People get diagnosed with progressive terminal illnesses that leave them mentally incapable of caring for themselves and making important decisions.

The importance of creating a comprehensive estate plan sooner rather than later cannot be overstated. And the costs of doing nothing can be inestimable.

Waiting too long to establish an estate plan can lead to loss of control. Additionally, it can birth family disputes that lead to confusion and distrust, as well as financial hardship. Could you imagine losing everything you spent a lifetime accumulating because you failed to create a plan to protect your assets for your heirs?

The following celebrity examples demonstrate the substantial financial and emotional costs associated with failing to prepare for after end of life. Specifically, failing to create a will and estate plan.

In the cases mentioned, this lack of preparation led to legal battles, taxes, family conflicts, and potentially unintended asset distribution.

The musician Prince died without a will.

This led to legal battles that went on for six years. The cost was millions in fees and delays settling his estimated $300 million estate.

Even the wealthy Howard Hughes didn’t have a plan.

His death without a will in 1976 resulted in a chaotic estate battle. Furthermore, it spawned numerous legal disputes lasting 34 years involving over 400 claimants. The government also claimed significant taxes. The remaining estate was distributed among distant relatives Hughes never even met.

The prophetic reggae icon, Bob Marley also died without a will at the tender age of 36.

His $30 million estate was considerably less when you consider it faced a multitude of legal disputes that continued for over 30 years after his death. The legal battles involved his widow, children and included lawsuits in Jamaica, the United States, and England.

She may have been the “Queen of Soul,” but, Aretha Franklin died without a formal will too.

Ultimately, this drained her once $80 million estate and causing her children emotional and financial hardships until the estate was finally settled five years after her death.

As the examples above illustrate, when someone dies without a will or estate plan, the probate process can be lengthy and costly. State laws determine asset distribution, which may not align with the deceased’s wishes.

If you’ve been procrastinating and are ready to face this important task head-on, give my office a call today at (470) 235-7868. We help our clients avoid probate, and family conflicts, while protecting their loved ones and maintaining control over important decisions through the creation of well-thought-out estate plans.

Looking to find an experienced estate lawyer in the Georgia area who is skilled in asset protection and estate plan preparation? Shannon Pawley is an attorney in Georgia with expertise in estate planning and asset protection. Shannon can provide assistance with creating an estate plan to include making a will and how to establish a trust properly. If you have questions about asset protection or questions about making an estate plan, reach out to Shannon and she will be glad to help answer all the estate planning questions you might have!