Imagine this.
Your significant other has passed on. Through all the other tragic processes that you have to deal with after their death, you realize your partner never created a trust.
This means that the government may leave you with a small fraction of the estate in total.
All the pennies you saved together, the property you accrued, the plans you made. All gone.
That is what happened with Taylor Simone Ledward, Chadwick Boseman’s fiancé. Boseman, who tragically died at 43 of colon cancer, left no final wishes regarding what to do with his estate.
"Though it’s not readily known why Boseman chose not to have a will in place, but it’s likely that proper estate planning could have saved his heirs a large chunk of change spent on the probate process,” said Marc M. Stern, attorney for the Greenberg Glusker firm in Los Angeles.
And his heirs did pay. Rather than receive the entirety of the Black Panther actor’s estate, Boseman’s widow and parents will each get $1.15 million respectively. However, because Boseman didn’t have a trust, the United States government will also receive $1.5 million.
How did it happen?
Boseman, who rose to fame in blockbusters like Black Panther and Marshall, died in 2020 after suffering from colon cancer for four years.
Because Boseman didn’t have an estate plan in place, there was no direction as to how Boseman’s estate should be split up. However, California has intestacy laws which means that the probate court decides where a person’s assets go.
Boseman’s wife, Taylor Simone Ledward, petitioned the probate court to become the estate’s representative. When she was granted representative status for the estate, she was given limited authority as to where Boseman’s assets went. Ledward decided the estate should be split between herself and Boseman’s parents.
However, more than a third of Boseman’s estate was still lost to legal fees and the government.
Ledward and Boseman’s family were lucky enough to live in a state with intestacy laws, which allowed them to each amicably receive a cut of the remaining assets. However, this situation could have left them with nothing.
This is an issue that could happen to any one of us.
You have worked hard your entire life to ensure you have rainy day funds, travel funds, retirement funds, etc. You scrimped and saved and worked for decades.
Would you ever willingly give the government a third of your savings? For most people, the answer is no. So why would you allow that to happen after your death?
Thinking about death can be scary for most people, especially when it comes to the possibility of your own. However, an estate plan can mean the difference between leaving your family a fortune to help with your loss OR leaving your family with thousands of dollars in legal fees.
No matter the net worth of your estate and assets, it’s always a good idea to have a plan in place for your passing.
Death is inevitable. Your family suffering because you didn’t leave an estate plan doesn’t have to be.
Make sure you have your affairs in order. Call Hands Law at 704-248-7976 to make sure you get an estate plan in place!
Please contact Hands Law Firm at (704) 248-7976
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