I was just reading an article about Prince having no will and all of the things that will happen with his estate. It is estimated that Prince’s estate is worth somewhere between $300 to $500 million dollars. No will means the government will probably take close to half of his estate and they never sang one song. I cannot understand how someone as wealthy as Prince never thought about putting a will in place. You do not have to have Prince Type wealth to need a will for the things you cherish. This is especially true if you own a business.
Did you know that nearly two thirds of Americans die without a will in these modern times? I was reading these statistics this week about American’s dying without a will. It is a really scary the mess left behind by not having directions for their final wishes spelled out legally by not having a will. Do you really want some stranger, a judge, deciding who gets your property, or your children or your beloved pets? Without a will, this is your current scenario just like Prince. What a mess!
According to recent surveys, of the 64% of Americans that did not purchase a will, sited they “never got around to it.” More Americans have life insurance than a will, and Americans with life insurance, according to LIMRA, are under insured by 70%. What about death scares us so much that we don’t feel the need to take care of our loved ones after we die? Is it the cost? Is it thinking about death? Is it just taking the time?
We live in the information age. It has never been easier to purchase life insurance or a last will and testament online. In the time it takes to watch a movie on TV, a person could have their entire estate protected and the ones they love taken care of if the unthinkable happens and they die tomorrow.
If you wish to be like Prince, do it singing, dancing and writing, not leaving your estate a mess. Take the time to contact your agent and buy some life insurance and write your last will and testament online or with your attorney. Those you love will be glad you did some day.
“…we could all die any day”. —Prince
Image by digitalart at www.freedigitalphotos.net
Tim Wilhoit is owner/principal of Your Friend 4 Life Insurance Agency in Nashville, TN. He is a family man, father of 3, grandfather of 1, entrepreneur, insurance agent, life insurance broker, employee benefit specialist, salesman, sales trainer, recruiter, public speaker, blogger, author and team leader with over 29 years of experience in sales and marketing in the insurance and beverage industries.