Chadwick Boseman’s Expensive Estate Planning Error
It has been nearly 2 years since the death of beloved Black Panther actor Chadwick Boseman, who passed away from colon cancer at the age of 43. Boseman began acting in 2005 after studying at Howard University and found international fame when he joined the Marvel Universe in 2016. Throughout his lifetime he received numerous accolades including Golden Globe, Screen Actors Guild, Critics Choice Movie, and BAFTA awards. He was known as an advocate for Black Lives Matter and the fight against racism, and frequently made visits to youth cancer centers such as St. Judes’ to visit with families. In his short time on earth, he made a meaningful impact on so many lives across the globe.
When Chadwick passed away on August 28, 2020, he did not have a Will or any estate planning documents prepared. Since he passed without a Will, this meant that his estate then had to pass through the Intestate Succession Laws in California to determine who was to inherit what. At the time of his death, his estate was valued at an estimated $3.8 million dollars.
In October of 2020, Boseman’s wife Taylor was appointed as the estate’s executor, and applied for Probate. After a lengthy 20 months in court, the family is finally ready as of June 2022 to distribute the now $2.5 million dollar estate. According to court documents, it was revealed that his estate will be split evenly between his widow Taylor, and his parents with Taylor receiving 50%, and both his mother and father receiving 25% each. However, after 20 months of fees adding up, the estate lost a whopping $1.3 million dollars to legal and court fees – that’s almost 1/3 of the estate!
Losing $1.3 million dollars is something that could have been easily avoided with proper estate planning! If Chadwick had a Will at the time of his death, he would have been able to properly plan for his assets and ensure that his wishes were being followed.
Don’t let this happen to you – be proactive, be prepared, and have your estate plans made! Our tomorrow is not promised, and by avoiding a Will and other important documents you are only hurting your future estate. Ensure your voice is heard, and the legacy you leave behind is the one that you wanted.
Want to learn more about the role of Executor and verify that you chose the right person to manage your estate? Check out our new online course called Executor Ready today!
This blog is not intended to be legal advice and should not be relied on as such. If you require legal advice, please contact a legal professional concerning your particular circumstances.