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The potential consequences of inadequate estate planning

by | Oct 22, 2022 | Estate Planning

It is common to associate estate planning with the rich and famous. While those with large incomes and significant amounts of wealth do have a pressing need for legal and financial protections, this step is beneficial for Nevada adults of all income levels and ages. As seen after the deaths of certain celebrities, inadequate estate planning can lead to serious complications for heirs and beneficiaries. 

Celebrity deaths and subsequent issues 

When Michael Jackson passed away, he had an estate plan in place. As a result, his wishes were known, and his assets were handled according to instructions. However, failure to take other necessary steps led to complications for heirs and beneficiaries as they had to file requests with a probate court to access rightful assets. Certain estate planning steps may allow one to avoid probate. 

After the death of Prince, it was discovered that he had no estate plans in place. Consequently, there was a costly and complex legal battle between multiple individuals who claimed to be the rightful heirs. Without a will and clear instructions, a court may make the final decision according to state laws about where assets will go. 

Have the final say 

Having an estate plan may not be enough. A Nevada adult will benefit from seeking the guidance of an experienced estate planning attorney to understand what steps they need to take to create a complete plan. This step is necessary to ensure that one has the final say in what happens to his or her property, as well as protect the interests of loved ones.