I’m a huge Prince fan. His surprising death hit me hard. As the news coverage unfolded, I was wondering, “I wonder who’s going to play Prince in the biopic movie about his life story.” I think Bruno Mars could do it. But I like Jussie Smollett (Jamal from Empire) better. He’s a little taller and thicker than Prince. But with some weight loss and camera tricks, they can make him look smaller.
Unfortunately, I don’t think this highly anticipated movie will ever happen. Because His Purple Majesty didn’t have a will to determine what is to be done with his estate…SMH. As a result, the totality of his life’s work…his $300 million legacy…will be fought over by his 6 siblings like raw meet thrown into a pit of ravenous dogs.
I know most of us don’t have a $300 million estate. For many of us…it’s more like $300,000 of debt. But the most important take-away from Prince’s life and death is the importance of having a will.
Admittedly, I don’t have a will. Prior to Prince’s death, creating a will was something I thought I’d eventually get to sometime in the future. But here are 4 reasons why I…and you too…need to create one sooner than later.
1. “You don’t know the day nor the hour…”
The misleading thing about life is…we didn’t start it and we don’t know when it’s going to end. Yet, while we’re living, we think we have control over the timing of things. But the truth is…we don’t know when we’re going to check outta here. So it’s better to have a will and be prepared for when you do, than not have one and leave your family unprepared.
2. Taxes
Because Prince didn’t have a will, Minnesota probate and the IRS are going to devour his estate. When all the dust settles, whatever each of the 6 siblings is awarded, 40% of it is going to be eaten in taxes. Don’t let the same happen to your estate.
3. Give instructions to your family
Before Prince’s death, I was like, “If I die, Bernie gets all my stuff; and if she dies, I get all hers.” However, what I’m realizing is…it’s not just about where the stuff ends up. It’s about how the stuff gets there. My dad is on point with his estate. As the executor, I don’t have to figure out what he wants. He’s already laid out what he wants, where he wants it, and to whom he wants it to go. That’s a huge help to a grieving son.
4. It’s the responsible grown-up thing to do
To me, a will has always been something old people But a will is really something grown-up people get because it’s the responsible thing to do. Just like health insurance, car insurance, and life insurance is the responsible thing to get as a grown-up…a will is in the same responsible grown-up arena.
If you have children, siblings, half brothers or sisters, babies mamas, babies daddies…or other babies mamas, rest assure you’re going to have people coming out of the wood-works claiming rights to your stuff. And that puts your heirs in the troubling position of having to defend the totality of your life’s work…your legacy…against those greedy undeserving people – all while grieving your loss.
#WednesdayWisdom
Don’t leave your life’s work…your legacy… to be fought over by family members, probate court, and the IRS. Create a will because it’s the responsible grown-up thing to do.
Contact me for speaking engagement @ info@HisLeadershipHerTrust.com.
NEW Bootcamp Dates:
Relationship Bootcamp for Couples
9:00 am Saturday May 7
9:00 am Saturday June 4
9:00 am Saturday July 16
9:00 am Saturday August 6
Relationship Bootcamp for Singles
9:00 am Saturday May 28
9:00 am Saturday June 25
9:00 am Saturday July 23
9:00 am Saturday August 27
His Leadership Her Trust:
#WednesdayWisdom #028: Relationship Leaders Set the Standard, Exemplify Them, and Hold Everyone Accountable to Them
The story goes like this... James and Melissa (Mel) were in year 0 of their marriage. They had only been married a few months. One issue they had to deal with was how James was going to handle his past relationships with women…many who Mel knew. After much discussion...
#WednesdayWisdom #027: It’s Unacceptable for Women to Compete for a Man…Unless this Happens
I saw the shift take place in the 90’s. In fact, I was apart of it. I went to college in the late 80’s. Back then, girls had all the power. Guys would clamor for their attention. Girls would sit back…pick and choose whoever they wanted to date. If you weren’t tall...
#WednesdayWisdom #026: “Happy Father’s Day…Mom!” Should Single Mothers be Honored on Father’s Day?
One Father’s Day morning, Lil’ Joe gave me a Father’s Day card at church. I was so thankful! He was 10 years old back then. And when Jasmyn was 20, she gave me this beautifully hand-written Father’s Day card. I was so humbled. But I couldn’t help but wonder if Lil’...
#WednesdayWisdom #025: 7 Super Important Non-Traditional Things Single Men Need to Know in Looking For a Woman
I’m pro-relationships. As a relationship consultant for 16 years, I coach, teach, and cheer for successful happy relationships every day. But in 2016, for single men…picking a woman is not a top priority. Not like it used to be in the late 1940’s thru the 1970’s. The...
#WednedsayWisdom #024: Love Steph & Ayesha Curry. But Let’s Not Exalt a Couple’s Marriage Above a Status it Has Not Earned
For a year now, the media has been lavishing high-praise on the loving marriage of Steph and Ayesha Curry. That’s wonderful. They promote positive images of black marriages…something we desperately need to contrast these ratchet wives/ex-wives/girlfriend/side-chick...
#WednesdayWisdom #023: 5 Things God-Fearing Families Should Do About Obama’s Transgendered Bathroom Policy
God created man and woman. He created them to have sex with each other as husband and wife. He called that marriage. But then man decides…I want to have sex with my wife and another woman too. God called that adultery, or in some cases…an orgy. Then man decided…I...