Chadwick Boseman Died Without A Will: Why You Need a Trust or Will NOW
Black Panther actor Chadwick Boseman tragically died this summer at the age of 43 after fighting colon cancer. for several years He died “intestate” — meaning he died without having a will. He is survived by his wife, Taylor Simone Ledward, who has filed to open a probate case in California to settle his estate. The information about Boseman’s estate is public because Boseman did not have a trust-based estate plan. Without a trust in place, private, sensitive and confidential information about everything someone owns and their family is public information and available to anyone.
Without a will the intestate laws of California decide how his assets will be distributed, and who inherits from his estate. The probate process typically takes over 12 months, and on average costs about 8% of the value of his estate - money that is spent on lawyers, appraisers, bonds, and fees that won’t go to his family.
Hiring an estate planning lawyer to help you protect your assets and your privacy can cost far less, and will protect your family and loved ones after you are gone. The lessons from Boseman’s death apply to everyone. You don’t have to be wealthy to make estate planning important for your family.
What Is A Trust?
A living trust or irrevocable trust are legal documents with instructions on how to handle your assets that are named in the trust after your death. Assets included in a trust do not go through probate after your death. As the creator or grantor of the trust, you define the terms of the trust and how and when your assets will be distributed to your beneficiaries.
Georgia Intestate Laws
If you die without a will in Georgia, your assets will go to your closest relatives under the state’s “intestate succession” laws. Who inherits what will depend on whether or not you have a living spouse, children, parents, or other close relatives when you die.
If you die with:
children but no spouse —> children inherit everything
spouse but no children —> spouse inherits everything
spouse and children —> spouse and children equally share the intestate property, but the spouse’s share may not be less than 1/3
parents but no spouse or children —> parents inherit everything
siblings but no spouse, children, or parents —> siblings inherit everything
Intestate Laws and Children:
Children who are legally adopted are treated as biological children
A child conceived by artificial insemination and presumed legitimate will receive a share of your estate
Children conceived by you but not born before your death will receive a share, provided they were born within ten months of your death and survived at least 120 hours after birth
Grandchildren will receive a share only if that grandchild's parent (your son or daughter) is not alive to receive his or her share
Benefits Of Creating a Trust in Georgia
Here are two reasons why creating a trust as part of your estate planning is important even if you are young and aren’t wealthy.
Avoid Probate Costs
Trusts are so popular because they allow you to avoid the cost and time of the probate process that is required to settle the terms of a will. Typically a trust establishes that your loved ones will receive their inheritance immediately after your death. The probate process in Georgia typically takes 6 - 12 months, and costs about 8% of the value of an estate, which is spent on court costs, attorneys’ fees, executor compensation and other miscellaneous estate costs. Probate costs your loved ones money, time and stress that can be avoided by creating a trust.Privacy
A trust keeps your estate settlement private. A will is public record and available to the public, but a trust is confidential and not available to the public. Without a trust, sensitive information about what you own and your family is public information and accessible by anyone.
About SmithTaire Legal: Your Trusted Legal Partner in Georgia
If you need help with creating a trust to protect your loved ones after you are gone, contact your trusted legal partner, the team at SmithTaire Legal. Our virtual office is open and we can help you via telephone, email, FaceTime, Zoom, DocuSign and other tools.
Schedule an appointment with us today at 678-253-8133 to discuss your situation.