When people are young, they don't often think about the consequences of failing to have an estate plan. In fact, many people may not even think about their estate plans or find it necessary to create one. When people think about death, they often associate it with older individuals. Sadly, no one is immune from an untimely death. Therefore, even young adults need to consider their estate planning needs.
When people fail to estate plan properly before their deaths, there can be serious consequences for the person's family. If a Michigan resident dies without a will in place, for example, that person's estate will be subject to Michigan intestacy laws. This can result in an increase in estate taxes, and a person's assets being possibly distributed in an undesirable way.
This is, however, the reality for many young people that die without a will or other estate planning documents in place. And, it has become the fate for the family of one Hollywood star following his untimely death.
According to reports, Anton Yelchin died at his home when he was crushed by his car. The car has been subject to a recall following several similar accidents. Anton Yelchin starred in the new Star Trek movies and had substantial personal property. Reports claim that the 27-year-old actor has an estate worth $1.4 million. He did not have a will when he died. His parents have now filed a law suit to be named estate administrators in the case.
As this case shows, it is always important for people to consider their estate planning needs, no matter their age. With the right estate administrators and plan in place, people can make things much easier on their families should they pass away.
Source: The Washington Post, "Anton Yelchin died without a will, has nearly $1.4m estate," Aug. 1, 2016