We see it time and time again like a bad rerun, when public figures die with unplanned estates. Family feuds over who gets what are played out in courtrooms across this country from New York to California with lawyers singing all the way to the bank. Can you blame us? There isn’t a shortage of lawyers in this country who haven’t put the word out in one form or another that we all need to plan to avoid leaving a mess behind. Why put your loved ones through all the drama?

For the wealthy and not so wealthy, these family feuds can be highly contentious and can go on for years. I’m not picking on Prince, but three years after his death, his family is still feuding in court to a tune of approximately $45 million in administrative expenses and counting! And it is not just the wealthy.  Families of modest and not so modest estates feud every day in courtrooms despite the costs of the fight.  Yes, it costs to plan but it may cost your family much more if you die or suffer a health crisis without a plan in place! 

History keeps repeating itself despite what’s at stake and we haven’t put a dent in the number of people who plan. Even in 2019, more than half of Americans still don’t have at minimum a Will. So where does this leave us? For me and other estate planning attorneys, job security but for everybody else, a sudden death or unexpected illness can leave family members scrambling for control. This brings me to the untimely death of John Singleton. With a net worth of approximately $35 million, seven children, parents, ex-wife and others, I was sitting on the edge of my office seat biting by nails wondering…did he or didn’t he plan?

John likely didn’t have a Durable Power of Attorney to manage his financial affairs because his mother sought conservatorship over his estate during his incapacity. A properly executed Durable Power of Attorney would have given John’s mother or whomever he designated, the authority to step in and manage his affairs without court intervention.

According to what has been reported, it appears John did have a Will and a Trust. A Trust is a legal document that can be used to manage and distribute your assets by your Trustee outside the public eye. We may never know what’s in John’s Trust but his Will is outdated, considering it was drafted in 1993 when he only had one child. Sadly, and no surprise…John’s children have lawyered up. And so the saga continues for yet another family. 

 For you reading this article, whether you are wealthy or not, history does not need to repeat itself. Save the drama for Hollywood and get organized. Put a plan together now. What are you waiting for?