WHY A WILL MATTERS
A will plays a crucial role in probate law by ensuring a person’s wishes are honored after their death. Below are detailed breakdown of its key functions, with real-life celebrity examples to illustrate each point.
Distributes Assets
A will clearly states who inherits property, money, and other valuables. This prevents confusion and ensures the deceased’s wishes are followed.
Example:
Fashion designer Karl Lagerfeld reportedly left much of his estimated $200 million fortune to his beloved cat, Choupette, demonstrating how a will can designate unexpected beneficiaries.
Appoints an Executor
The will designates a trusted individual to handle estate matters, including paying debts, distributing assets, and ensuring legal compliance.
Example:
When Michael Jackson passed away in 2009, his will named attorney John Branca and music executive John McClain as co-executors of his estate. They were responsible for managing his assets, including his music catalog and financial interests.
Facilitates Probate
A well-structured will simplifies the probate process, preventing unnecessary delays and legal fees.
Example:
Robin Williams ensured his estate plan was comprehensive, with clear instructions for asset distribution. His will, combined with trusts, allowed his family to avoid significant legal complications, unlike many other celebrity estates.
Names Guardians
for Minors
If the deceased has minor children, a will specifies who will assume legal guardianship. Without this, a court decides, which may not align with the parent’s wishes.
Example:
When Heath Ledger died unexpectedly in 2008, his will had not been updated to include his daughter, Matilda. Initially, his entire estate was set to go to his parents and siblings, but they later agreed to transfer everything to Matilda. A properly updated will could have prevented this situation.
Minimizes Family Disputes
A will provides clarity, reducing the likelihood of legal battles over the estate
Example:
Aretha Franklin’s passing in 2018 led to multiple disputes because handwritten wills were found in different locations, including one under her couch cushions. This led to a drawn-out court battle among her heirs.
Helps Reduce Estate Taxes & Legal Costs
A well-prepared will, combined with proper probate planning , can minimize estate taxes, legal fees, and other financial burdens on beneficiaries. Without this planning, a large portion of the estate could go to the government or be tied up in costly legal proceedings.
Example:
When Prince passed away in 2016 without a will, It took nearly six years to settle, with significant portions of his wealth going toward legal fees & estate taxes rather than to his heirs.