We know creating a will is important if you have assets you want to be distributed to specific people or organizations. Even if you aren’t of the Hollywood elite or Nashville country star, chances are you have possession or assets you want to remain in the hands of family or close friends. We know if we don’t create a will, your assets will fall into intestacy laws meaning the state will determine how your property is distributed. But when the rich die without a will, what happens to their belongings?
That was the all too real question when Shin Kyuk-ho, a Korean billionaire and chief of a massive business conglomerate died without a will. It wasn’t problematic enough that he died without a will, but the family business also was in turmoil.
Two of his children had been competing for power as his health declined which made his passing even more complicated. At his death, Shin Kyuk-ho left behind a business that generates approximately $86 billion per year.
But he isn’t the only member of the wealthy to die without a will. Most recently, Prince had died without a will, which included the distribution of unreleased music in his vault.
So what happens in these cases? Most often, a legal battle will occur which determines who is in control of the estate. It becomes further complicated if the individual’s life work (music, novels, business ventures, etc.) continue to generate revenue after his or her death.
While the most logical option to protect your assets is to create a will long before it is needed, there are also other measures that can be put into place.
Family Wealth Preservation and Business Succession with Martin Heller Potempa & Sheppard, PLLC
When planning for the future, you’ll most likely want to create a multi-layered wealth management plan to ensure no stone is left unturned. This may include irrevocable trusts or beneficiary-controlled trusts.
You’ll also want to take a look at the bigger picture when a large family-owned corporation is involved. Business succession planning allows you to plan ahead for a time when you no longer wish to be the head of your company, or if you are suddenly unable to do so or pass away unexpectedly.
Business succession options may include:
- Management buyouts
- Sale of the business to key employees
- Outside sale
No matter the option you pick, it’s important to have a plan in place for when you are no longer around. It will help maintain continuity of your assets as well as prevent family ties from being severed.
Contact Our Nashville Layers Now – Create a Will
Estate planning isn’t only for the rich and famous–it’s for everyone. No matter your financial standing, having your assets in order helps you rest easy knowing your family is taken care of and your family from having to make decisions on your behalf.
Speak with our Tennessee lawyers to help you through the process and make sure everything is set for when you do pass away. If you are considering creating a will, don’t hesitate much longer. Prepare for your family’s future today by contacting the Nashville will lawyers at Martin Heller Potempa & Sheppard, PLLC today for more information.