No Will for Winehouse

Amy WinehouseAccording to a recent report by Forbes, after powerhouse singer Amy Winehouse actually did pass away without a will. She died at 27 of alcohol poisoning. Preliminary reports stated that she not only did in fact have a will but that she had also updated her will after her divorce from felon husband Blake Fielder-Civil. Probate records proved that these reports were incorrect.

These probate records showed that Winehouse did in fact pass away without a will. The value of her assets was listed at $6.7 million and her taxes and other debts reduced those assets in value by $4.66 million. Many were shocked at the announced value because they thought that she was worth a lot more money. The assets that go through the probate court are those that are listed solely in her name. If she had any asset such as accounts or trusts with another person’s name listed, these would avoid the probate process.

Because she had no will and no dependents all of the money passed to probate will go to her parents. Her father is listed as the estate administrator.

Having a will is important for anyone, no matter your financial status. You do not have to be a millionaire in order to protect your estate and to take care of the loved ones that you will be leaving behind. If you have a spouse or children, they will automatically have rights to any assets that you may have, however if you do not, there may be issues with how your assets are divided. If you have other family members or close friends that you want to receive anything, they cannot receive your gift if you do not have a will.

If you do not have a will, or if you need to modify your current will, it would behoove you to contact an Illinois estate planning attorney to make sure that your document is legally sound and that your wishes will be carried out.