Iconic movie star, Chadwick Boseman, passed away on August 28, 2020 at the age of 43. Remembered for his stellar portrayals of legends in films such as Get On Up, Marshall, 42, and Black Panther, Boseman’s untimely passing after fighting colon cancer was a shock to many. It was also surprising to learn that Boseman passed away with no estate plan in place.
Now, nearly two years since the passing of Chadwick Boseman, the actor’s estate has been settled. Initially valued at just over $3.8 million– after final arrangement expenses, attorneys fees, bond fees, and taxes, Boseman’s wife and parents will equally split the $2.3 million that remains of the estate.
While the late actor’s circumstance was tragic, the lack of estate planning is all too common. We use this discussion of Boseman’s estate in hopes that it will inspire you to do right by your loved ones by creating a proper estate plan. Not too many things in life are guaranteed, but one thing for sure is that we will all pass away, often when we’re least expecting it. And without any planning in place, you are forcing your loved ones to endure a costly, possibly conflict-filled, and in all cases, an unnecessary legal process resulting in the loss of wealth and assets you’ve worked so hard to create.
Furthermore, estate planning is crucial even if you have far less wealth than the late Hollywood icon. While Boseman’s wife and parents received $1. 15milion each, even after probate fees, similar estate planning failures would almost certainly wipe out a smaller estate.
Regardless of your financial status, planning for your potential incapacity and eventual death is something that you should take care of immediately, especially if you have children. Similar to Boseman, you never know when illness or tragedy may strike, and through diligent estate planning, you can save your family from the needless disputes, expense, and revealing public exposure the late actor’s loved ones are currently enduring.
As Chadwick Boseman’s passing demonstrates, having no plan in place can have unfortunate consequences for your family, and leaves your estate subject to exorbitant legal fees and costs associated with probate. When done properly, estate planning can keep your family out of court, out of conflict, and out of the public eye. Even more, truly effective planning can ensure your wealth, assets, and legacy are protected and used to benefit your children, grandchildren, and great-grandchildren in strict accordance with your values.