Amy Winehouse Leaves $0. of Her $16Mil to Her Ex..See Why..
By Karen Datko
The late Amy Winehouse was many things to many folks -- fabulous talent, an inspiration to Lady Gaga, an addict who couldn't quite shed her demons all come to mind. Add to that list: wise estate planner.
Winehouse's revised will reportedly prevents any of her fortune, estimated at $16 million and most assuredly growing, from going to her ex-husband, Blake Fielder-Civil, widely regarded as the person who introduced her to hard drugs. Instead, her millions will be divided among her father, Mitch; mother, Janis; and older brother, Alex.
"Let this be a lesson to both the famous and the obscure: A will is a good idea at any adult age," Ron Dicker wrote at DailyFinance.
Fielder-Civil, now serving a sentence for burglary and possession of an imitation firearm, might have inherited everything had Winehouse not put a new will in place. Tim Worstall wrote at Forbes:
However, the one thing, under English law, that divorce does not do is undo the presumption that the natural inheritor is the spouse. In the absence of a will the surviving spouse will inherit at least the bulk of any estate.
Even in the presence of a will written pre-marriage which states otherwise the surviving spouse, or ex-spouse, will again be the natural inheritor.
How would it work in the United States? It varies from state to state, but generally if you die intestate, your estate will go to spouse and kids, or parents or siblings if you are single and don't have children.
Do you have a will? There's a good possibility you don't, even if you're well past 27. "According to an AARP survey, more than one third of Americans over 50 lack a will, living trust, or power of attorney," Kimberly Palmer wrote at U.S. News & World Report.
If you're a parent of minor children, consider yourself negligent if you don't have one. Liz Weston of MSN Money wrote: "No matter how icky you feel about planning for your own demise, you owe it to your kids to spare them the potentially ugly and drawn-out custody battle that could ensue if you don't make these decisions now."
What should you do? The hardest part is actually making the decision to get it done.
Call several recommended lawyers and see how much they charge. I paid about $150 several years ago, and that included a durable power of attorney for health care, a durable power of attorney for finances, and a living will -- three must-have documents, Weston says, even if you don't have a will. Of course, it can cost much more if your estate is complicated. The more complex the estate, the more you need legal advice, so it's well worth it.
You can do it yourself with online help if your estate is pretty simple, but Palmer pointed out some potential pitfalls:
Consumer Reports Money Advisor recently tested three online products: LegalZoom, Rocket Lawyer, and Quicken WillMaker Plus. The verdict: Using any of these products was better than doing nothing at all, and they help users educate themselves about their estate-planning needs. But all three also had problems, including outdated information, lack of customization, and too little flexibility. They also skipped over certain topics, such as tips on creating a special-needs trust.
One last tip: It's often recommended that if you intend to leave nothing to someone who might expect to be an heir via family connection, you point that out in your will or leave them just a dollar.
Comments