Chadwick Boseman and Eddie Van Halen
Part 1 in a 2-Part Series
When an iconic figure dies, the general public reacts because death reminds us of our shared humanity. Since death is the great equalizer, it reminds us of the importance of estate planning. So, creating a trust protects a person’s assets. However, estate planning is not reserved for those with large amounts of wealth or larger-than-life personalities. Life’s difficulties challenge us all, regardless of our relative fame or obscurity. This blog post examines celebrity estates.
This week, we begin a two-week series examining two celebrities who recently passed. This week, we will focus on actor Chadwick Boseman. Next week, check back. We examine the estate of the late rock star Eddie Van Halen.
The Legacy of Black Panther’s Chadwick Boseman
Chadwick Boseman died at the age of 43, after a four-year battle with colon cancer. Boseman kept his cancer diagnosis a secret for four years, working on projects such as the Black Panther in the Marvel Comics Avengerfilm franchise. In the summer of 2018, that film grossed an estimated $1.3 billion worldwide and made Boseman a household name. In addition to this iconic role, he also portrayed African American figures like Jackie Robinson, James Brown, and Thurgood Marshall. His death sent shockwaves throughout Hollywood and the rest of the world.
Without a Will: Celebrity Estates
After his death, it became apparent that Boseman valued privacy. Despite facing ridicule in certain circles due to the drastic changes in his appearance as he battled cancer, Boseman chose not to disclose his illness. What’s more, he did not leave a will. This information was discovered after his widow opened probate on his estate. When someone dies without a will, decisions about what happens to the deceased’s possessions become a public matter for the courts to decide.
The process of dividing and distributing someone’s property and money after the person dies is called probate. Probate sometimes also becomes necessary in the estates of people who have wills. However, if you die with a will in place, your wishes govern to the extent possible. Without a will, the default rules of the particular state apply. These are called intestacy laws. If you value privacy, the probate process may feel intrusive. In it, the court solicits information about everything you own. The court also selects a person to oversee the distribution process. They also make decisions about sentimental and/or sensitive items.
Hidden from the Public Eye
Throughout the estate planning process, individuals who value privacy often opt for the benefits afforded by a living trust. A trust is a legal planning tool. Attorneys use it to help privately manage an individual’s money and property for the benefit of a third party. One landmark trait of a trust is its ability to avoid probate.
Thus, if you value privacy, consider a trust to transfer property and accounts. In addition to providing privacy, trusts allow individuals to implement specific guidelines and restrictions. These keep hard-earned money and cherished possessions far from the prying eyes of beneficiary’s creditors, nosey neighbors, and predators. Without proper planning, information regarding property becomes public. And the deceased person loses power to decide how to distribute those assets.
Check back next week, when we conclude this series about celebrity estates. In that entry, we will cover the estate of rock legend Eddie Van Halen.
About Skvarna Law in Glendora and Upland, California
Skvarna Law Firm operates offices in Glendora and Upland, California. We provide legal services. We cover San Bernardino, Los Angeles, Orange, and Riverside Counties. This includes several cities. Upland, Ontario, Rancho Cucamonga, Fontana, Colton, Rialto, Chino, Chino Hills, Glendora, Claremont, Pomona, La Verne, Montclair, San Dimas, Azusa, Covina, West Covina, Diamond Bar, Walnut, La Puente, Corona, Norco & Mira Loma. Visit SkvarnaLaw.com to learn more.
