Where There Is A Will, There Is A Way?
Why didn’t “The Purple One” or “Prince” have a will? As much as we would like to think that celebrities are different from us they are not. James Brown, Jimi Hendrix and Barry White all died without a will. The truth is that fifty-five percent of Americans don’t have a will. So the question is why not? I believe one of the reasons most people don’t have a will is because it requires you to do deal with your own mortality. You are literally stating how you want your possessions to be distributed upon your death. Most people don’t want to acknowledge the day of their eventual demise. Prince was no exception. I also think that people believe creating a will is complicated and may require thousands of dollars to an attorney.
You have heard the old adage, The only thing for certain is death and taxes.” There is a lot of truth packed in that statement. If you don’t have a will, everything that you worked hard to attain during your lifetime could be subject to unnecessary probate taxes if you die intestate–without a will.
Secondly, if you are like 99 percent of Americans your estate is valued at less than 5.45 million and you will not have to pay an inheritance tax. Which also means you probably don’t need a complicated trust document. In most cases a simple will can be drafted using an online service like http://rocketlawyer.com or http://legalzoom.com. Invest a few hundred dollars and avoid a whole lot of family arguments and discourse after you are gone.
Go Forth and Prosper!
The Wealth Coach™