Even Celebrities Need a Will
Life insurance isn’t enough. It may be good and well to list beneficiaries in a life insurance policy, but failing to draft a Will and Testament could see your estate end up in a messy legal battle. That’s what happened with these celebrities.
Life insurance proceeds don’t go into the estate. Even so, the will determines what happens to the rest of your millions. Don’t make the same mistake these celebs made. Here are 5 celebrities who should’ve had a will.
5 Celebrities Who Should’ve Had a Will
1. Jimi Hendrix
Hendrix died in 1970. The legal battle over his estate continued for 30 years until 2000. Band members, managers, and family fought over who would receive the proceeds of his music, which continued to sell decades later.
2. Dennis Hopper
The actor was involved in a messy divorce at the time of his death. Although he had a life insurance policy, he failed to update it before dying of cancer. He had attempted to remove his wife from the beneficiary list. The judge presiding over the battle reckoned that was not his choice to make at such a stage in the divorce proceedings and prevented him from doing so.
3. Marilyn Monroe
So controversial was the legal battle over the actress’s estate, that it changed California legislature. Not over her wealth, but her photos. After Monroe died in 1962, a legal battle ensued as to who could claim the rights to photos and who was to pay taxes on the sales of the images. This then influenced legislation that set guidelines for images of deceased celebrities.
4. Howard Hughes
Hughes died in 1976 without a legitimate will. Even though the industrialist’s reclusive nature lent plausibility to the claim that a will in his name existed in the files of the Mormon Church, this was ruled by the Nevada court to be a forgery. His wealth was divided up among several of his cousins years later.
5. Anna Nicole Smith
Former playmate and model, Nicole Smith died in 2007 suddenly and without a will. Although she inherited millions from her late husband, there was no will to determine who would end up with the wealth and the kids. Her death set in motion a two-year custody battle over the children.
While a life insurance policy caters for your beneficiaries, a Will and Testament determines the outcome of your estate. For a range of legal cover quotes, fill in our online form and an Insurance.co.za representative will call you.
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