World renowned golfer, Arnold Palmer, died at the age of 87. He had won seven major championships in his career and is considered one the greatest golf players of all time. His company’s CEO confirmed the news of his passing due to complications from heart problems.
His death is a loss for golf lovers as well as for many novice golfers who looked up to him. But for his family, his sudden death comes as a shock. It is uncertain whether or not Arnold Palmer died without establishing a Will, however, if someone passes away without creating a Will, the consequences could cause great heartache for your family. The same situation could occur if Arnold Palmer didn’t execute a Will for his assets. It can start a family battle over his considerable wealth. As per a famous estate planning attorney Mr. Joseph McHugh, it is very important to ensure your final wishes are documented and are legally binding so that your Will can be properly processed after your death.
If Mr. Palmer did not draft a legally binding Will, his family would be considered as “Intestate.”
Intestate is a legal term for when a person passes away without creating a Will for their legacy. As per law,if Arnold Palmer failed to write his Will then he will be considered as “Intestate” in the eyes of the law. In this type of situation the judge will select someone who can handle his estate and according to the law of “Intestate Succession”, his all legacy will be transferred.
Arnold Palmer’s assets can be publicized
If he failed to execute his Will, then his assets will be publicized. As a result, anyone can see his wealth as well as can see what kind of holdings he kept.
The family may have to face the burden of extra costs
As stated earlier, if Arnold Palmer died without writing a Will, he would be considered as dying intestate and for any dying intestate, the family many times has to bear the legal and executory costs. Due to the long process of the settlement, it could be difficult for his family to pay their living costs as all the expenses mount. Mr. Palmer’s assets or property will be allocated to his spouse first, then to his children or grandchildren.
Writing a Will or estate plan can reduce inheritance and income taxes, which may save your family money when it is needed most. A living trust helps avoid probate and after your death, your wealth will not be publicized. Taking the time to create a Will eases the burden on your family and helps them maintain a sense of privacy upon your passing, and allows your final wishes to be followed to the letter.
Marinaccio Law serves clients in business disputes and transactions, civil litigation,estate planning and probate and trust administration, landlord tenant matters, and real estate litigation and transactions. Whether it a dispute on a real estate matter, setting up a small business, filing for bankruptcy, or creating an estate plan, Marinaccio Law will provide individual attention in helping to achieve its clients’ goals. Give us a call today and we’ll discuss the best options for you and your specific situation. Phone: (818) 839-5220 or visit our website at http://marinacciolaw.wpengine.com .