One of the most undesirable situations in the field of estate planning is a person becoming incapacitated or passing away without the proper estate plans in place. To die intestate means that a person passes away with no legal will. This means that if a person intestate, the distribution of that person’s assets is determined based on New York law rather than any consideration for the needs of the deceased person’s loved ones.
Tragically, many people die without the proper estate planning tools in place. For example, Black Panther star Chadwick Boseman passed away without a will. Boseman’s case is unique because he filed some estate planning documents, but not enough to fully oversee how his estate was handled. Consequently, the distribution of Boseman’s assets was left to the control of a California probate court to distribute Boseman’s estate which is valued at $939,000. Given the celebrity of Boseman’s film roles, his estate was likely worth much more but passed on many assets to trusts. Curiously, however, wills are often written contemporaneously to wills. Boseman’s story brings to mind why you should ignore some of these common reasons and engage in adequate estate planning sometime soon.
# 1 – To Make Sure Your Children Are Cared For