Billionaire Howard Hughes died in 1976 with a vast estate, yet he never made a will. Upon his death, a myriad of spouses, children, and other claimants appeared, resulting in multiple legal disputes costing millions of dollars. Courts rejected 40 spurious wills, and eventually a judge declared Hughes had died intestate. Assets were to be divided among 22 distant cousins. Still, litigation carried on until 2010.

Hughes’ story is not unique. Pablo Picasso died leaving an estate worth millions of dollars plus thousands of works of art, but no will. Distributing his assets took six years of contentious negotiation between Picasso’s wives, mistresses, and children. Likewise, Martin Luther King left no will. Lengthy battles over his legacy ensued, with King’s Bible and Nobel Peace Prize disputed by his heirs for decades. Princess Diana left a will, but also a “letter of wishes.” Because the letter was not an official codicil, family executors could override Diana’s wishes for personal belongings, which she had designated for Princes William and Harry.¹

Of course, you don’t need to be a princess or a billionaire to want to leave a legacy for your heirs. Regardless of the value of your assets, your family (and other beneficiaries) will benefit if you plan ahead, establishing a framework to preserve your wealth in accordance with your values and wishes. Thoughtful estate planning can reduce estate and inheritance taxes and the stress and expense of conflicts and confusion among heirs.

According to Forbes, more than 60% of people in the U.S. do not have a will because they don’t think it’s urgent, prefer not to contemplate mortality or incapacity, or underestimate the value of their assets.² Without a will or a trust, you are considered intestate, and state laws determine how your assets are distributed, prioritizing close relatives. In the context of intestate succession, you don’t choose your beneficiaries or decide who will manage your affairs. You can’t take advantage of tax strategies. Essentially, you give up control of your legacy.

While complexity varies by the amount and type of assets, creating an estate plan is a process that requires a professional team (e.g., estate attorney, financial professional, etc.) to ensure you have the proper documents and strategies in place to address incapacity and to pass along assets in a way that reflects the values that have given your life meaning.

1. trustandwill.com/learn/royal-estate-planning-princess-dianas-final-will/
2. forbes.com/sites/kellyphillipserb/2016/04/27/17-famous-people-who-died-without-a-will/