What Bob Marley Didn’t Know About Probate?
Bob Marley died in May of 1981 at the age of 36 with an estate worth $30 million. His beliefs in Rastafari prevented him from making a will due to the fact that it would mean the acceptance of death and, therefore, he was advised not to make a will. In truth, Bob Marley should have simply made a trust because a trust is a living legal instrument that could have protected Bob Marley’s assets for his family and saved them from the high costs of probate which can be time consuming. The definition of probate is a state court proceeding that settles the estate of a person and determines who should get their assets. As a result of probate and bad advisors, millions of dollars were paid by Bob Marleys; estate in taxes, legal fees, court fees, accountants and appraisal costs. Worst yet, Bob Marley’s family had to sue his lawyer and accountant, David Steinberg and Marvin Zolt, to recover over $13 million dollars which had been siphoned off from Bob Marley’ estate.
A good estate attorney could have saved his family from the headache of years of legal battles and millions of dollars paid in fees from probate proceedings. It is hard for people to understand how one of the greatest reggae artists and one of the wisest individuals didn’t have the best attorneys and advisors to ensure his family’s security. However, this is hardly a surprise because many of us turn to to the wrong people for advice.
Lessons to be learned from the estate planning of Bob Marley?
A good estate plan can save your family a lot of money and protect them from costly legal fees and the delays of probate. A will is only one part of a good estate plan; you may also need a trust.
DO YOU HAVE A WILL?
Sixty percent of Americans die without a will. When you die without a will, the probate court determines how your assets will be distributed and can possibly determine who the guardians will be if there are children under the age of 18. With the careful planning of a will, it is possible to choose who you want to get your money and assets. It also allows you, if applicable, to appoint your own guardian for your children.
DO YOU NEED A LIVING TRUST?
By only having a will, a probate of your estate cannot be avoided. A trust is a legal way to pass your wealth on to your loved ones and future generations without going through probate. A living trust is a special type of trust that allows a person to control their assets while still alive and pass their assets to their loved ones upon their death.
This site and any information contained herein is intended for informational purposes only and should not be construed as legal advice. This article is an excerpt from a book, “Smartly Plan Your Estate”, written by New York licensed attorney, Jomo Gamal Thomas, an attorney for J.G. Thomas & Associates, P.C. 430 West Merrick Road, Suite 22A, Valley Stream, NY 11580. (516) 596-8835.
