Coolio Had No Will...You Should
When rapper Coolio died in September at age 59, he joined a notable group—including Prince, Howard Hughes, and Pablo Picasso—who all died without wills specifying how their estates should be distributed.
Coolio’s real name was Artis Leon Ivey Jr. His former manager filed a probate case indicating he died intestate. The filing identified his seven adult children and three minor children as next of kin and probable beneficiaries. His estate is valued at over $300,000, encompassing personal property, deposit accounts, financial accounts, insurance policies, and royalties.
The Prevalence of Dying Without a Will
Coolio is far from alone in this situation. A 2021 Gallup poll revealed that fewer than half of American adults have wills outlining their estate distribution wishes—a problematic gap in planning.
Dying intestate means local probate courts distribute property according to state law, a process that can take months or years. The outcome may not reflect your actual intentions, and by then, it’s too late to correct the mistake.
Essential Estate Planning Documents
A will is just one component of comprehensive estate planning. Your complete plan should include:
- Durable Power of Attorney: Designates who makes financial decisions if you become incapacitated
- Medical Power of Attorney: Names someone to make medical decisions on your behalf
- Beneficiary Designations: Must be current on all accounts—these override your will
- Guardianship Designations: Essential if you have minor children
Critical Details About Beneficiary Designations
Beneficiary designations on accounts like 401(k)s override your will entirely. The named beneficiary receives those assets regardless of what your will states. It’s crucial to keep all designations updated across every account.
Spouses who would normally inherit but are excluded from a will have legal standing to challenge it in court.
Additional Planning Tools
Transfer on Death and Pay on Death Designations: Bank and brokerage accounts can have these designations, immediately transferring assets to named individuals upon death.
Letter of Intent: While not legally binding, this document expresses your final wishes regarding burial, cremation, or memorial services. Since wills may not be reviewed before funerals occur, these directions shouldn’t be included in the will itself.
Tangible Personal Property List: You can create a detailed list of items like family heirlooms to be appended to your will. This approach allows updates without modifying the will and should include thorough descriptions and recipient contact information.
A Practical Alternative
Consider gifting cherished items during your lifetime. You’ll ensure they reach the right person and enjoy seeing them appreciate the gifts.
Taking Action
Review and update all estate planning documents every few years, especially after major life changes. These documents work together to protect your wishes and your family’s interests.
If you or a loved one needs assistance with elder law, probate or estate planning issues, do not hesitate to book a call with us today. We are here to help.
