When someone dies without leaving a will, your estate will be distributed according to intestacy laws.
A famous case of someone who died without without leaving a will is Howard Hughes.
Hughes (1905 – 1976) was an American business magnate, investor, record-setting pilot, film director, and philanthropist. He was also one of the wealthiest individuals during his era.
When he died of kidney failure in 1976, he left an estate valued at close to US$2 billion. However, he was declared intestate because he left no apparent will.
Hughes did not leave a wife, living children, brothers, or sisters, so his estate had to go to distant relatives. Some 800 people made claims and it took 11 years to finally settle Hughes’ estate. All these legal troubles could have been avoided, if only he had written his will.
Writing a will is an important part of estate planning. If you wish to leave a lasting legacy to your loved ones, it is advisable that you start looking into estate planning today.
You can start by asking yourself these 4 questions:
- Have you done a will?
- Have you done asset list?
- Have you informed your family members that you done a will, and where to find them?
- Have you done lasting power of attorney?
If you need professional advise on legacy and estate planning, please contact your trusted FLA Organization financial planner for more information today.
