Black America Must Understand the Importance of Estate Planning

Many celebrities have died without a will in place.

John Singleton has some issues with his estate after his untimely death. (Flickr/Canadian Film Centre)



The notion of celebrities dying without a will seems bizarre considering that after their deaths, their output continues to generate massive amounts of income. Think of Michael Jackson as an example. According to Reuters, from June 25, 2009—the day he passed—to June 25, 2010, his estate—including his music royalties, merchandising, licensing and more—brought in a staggering $1 billion in revenue.

However, Jackson had a will in place that allotted his robust financial returns to go to his children with his mother, Katherine Jackson, as the executor of his estate. There was never any risk of confusion or family members with ulterior motives attempting to gain access to an estate with a seemingly endless amount of capital.

On the other hand, Singleton, the Oscar-nominated director of such movies as Boyz N’ the Hood, Poetic Justice, Higher Learning, and the recent FX series, Snowfall, is the latest example of a wealthy individual not having adequate estate planning in place.

Read more celebrities who died without a will, and simple step-by-step instructions on what one can do to prepare a will without an attorney.



Do you like our articles? What do you want to see or read about the wealthy?