Actor Chadwick Boseman passed away in late 2020, and his family has yet to finish the battle against the courts. Boseman was diagnosed with stage three colon cancer in 2016 and unfortunately lost his battle in August 2020. He had been dating Taylor Simone Ledward since before his diagnosis and secretly tied the knot before his ultimate death at the age of 43. Boseman’s story is unique, as he had filed some estate planning documents but not enough to oversee how his estate would be handled entirely. For this reason, it was left in the hands of a California probate court to distribute his estate.
According to the latest news, Ledward was placed in charge of handling his affairs after his passing and has recently requested a split of his estate with the courts. Ledward’s request for the plan’s approval is to keep half of her late-husbands estate while giving Boseman’s parents, Leroy and Carolyn Boseman, the remaining portion of his estate. Court documents revealed that Boseman’s estate had an original value of a little under $4 million; however, after a few fees were applied, his estate value came to $2.3 million.
Asides from his material wealth, a common theme in the stories written about Chadwick Boseman highlight his lasting legacy. He was described as courageous, resilient, fearless, passionate, and dedicated, leaving many fans worldwide honoring the actor through memorials and ceremonies. It was clear that Boseman was as influential in real life as he was on-screen, and his unfortunate passing leaves behind a void in the world.
While Boseman’s story is quite tragic, failure to create an estate plan is quite common. Many famous artists, including Bob Marley and Jimi Hendrix, have all died without an estate plan, leaving behind their family members fighting for a fortune. Similarly, legendary rapper DMX leaves behind his adult children fighting each other in the courts over his estate.
We address this tragic story about Boseman’s passing in the hopes of motivating you to do the right thing and create an estate plan for your loved ones. Estate planning is essential even if you have far less wealth than these artists.
Taking this into account, what can we learn from this tragic situation?
To keep it short, it is vital to prepare documents that contemplate end-of-life and incapacity, including Wills, Testamentary Trusts, and Powers of Attorneys, unique to your personal family dynamic and life. By ensuring you are well off prepared, you guarantee your family members won’t have to battle against the probate courts. Otherwise, your home state’s intestacy laws will determine the distribution of your estate. And while Boseman’s lack of will left his loved ones battling California’s probate courts, your estate plan may require more planning vehicles, including a Kids Care Plan and a Medical Power of Attorney. Meet with us today to begin putting in place the best vehicles for your particular plan in the event of incapacity or death.
Additionally, we can learn that estate planning is more than leaving behind your money and assets. While these hold a high value, what’s more valuable than your personal legacy? Your legacy consists of your wisdom, core values, morals, behaviors, family traditions, etc. It’s these unique characteristics that assist you in creating your material wealth. For this reason, passing down your legacy is just as important, if not more important, than passing down your wealth.
Learning from Boseman:
Regardless of your financial wealth, planning for incapacity and death are crucial and urgent matters. As seen in Boseman’s story, tragedy may strike in the most unimaginable moments, and without estate planning, you are bound to leave your loved ones in conflict and in courts.
Estate planning is beyond the idea of just passing your assets. On the other hand, estate planning is to help you during incapacity and death, as well as during your lifetime, by providing you with a peace-of-mind, knowing you have done everything in your hands to take care of yourself and your family.
Whether you have an estate plan in place or have yet to begin one, meet with us here at Legacy Counsel today to learn more about specific estate planning tools that are vital for your particular situation to leave behind your legacy. At Legacy Counsel, we guarantee to guide and support you to keep you away from conflicts and courts. Contact us today!