A number of well-known celebrities who were worth millions, including Princess Diana, Prince, Heath Ledger, Michael Jackson, and Kurt Cobain, have passed away in recent years without an up-to-date estate plan or without any estate plan at all. As a result, lengthy and stressful legal battles were fought over their assets and were decided by people they did not get to choose.
While most people don’t have the same amount of wealth as these celebrities, it doesn’t make estate planning any less important to be able to leave a legacy and pass down wealth to family members.
The No. 1 Estate Planning Mistake