Estate planning is an important process that helps you plan for the future and ensure that your assets are distributed according to your wishes after you pass away. It can also help you avoid probate, reduce estate taxes, and protect your assets1.
Many celebrities have failed to put wills in place, which left their families and other loved ones with the typical challenges associated with someone dying intestate as well as challenges associated with any ongoing business2. Some of the more famous recent intestate deaths are those of Prince and Aretha Franklin2.
In summary, estate planning is important because it helps you protect your assets and ensure that they are distributed according to your wishes after you pass away. It can also help you avoid probate, reduce estate taxes, and protect your assets. Celebrities who died without a will have shown us how important it is to plan our estates23.