By Lane V. Erickson, Idaho Estate Planning Attorney
As an estate planning attorney for the last 20 years one of the great things I get to do is keep up with and read news about celebrities who either have or have not successfully completed their own estate planning. Most often, I read articles about the estate planning mistakes that were made by celebrities. However, every once in a while I get the opportunity to learn from the good choices that were made by celebrities as they created their own estate plan. This is the case when it comes to famous rapper Nipsey Hussle.
Nipsey Hussle, the 33 year old Grammy-nominated rapper and entrepreneur was fatally shot outside his clothing store in March 2019. Following his tragic murder, many other celebrities and individuals outside of his own family attempted to create fundraising events and crowdsourcing in order to raise money for the children that he left behind. However, once the family learned of this they specifically contacted these individuals and requested that they not participate or promote any such fundraising. The reason for this was that the family was able to confirm that before he had died, Nipsey Hussle had completed his own estate planning which properly and completely would provide for and take care of the family he left behind.
So what are the main things that we can learn from these events?
Have a Plan
The first thing we can learn is the importance of having a plan in place when it comes to our own estate planning. In this instance, Nipsey Hussle took the time to think about and create an estate plan that would take care of his family in the event he passed away. This is particularly remarkable given his young age. However, as I often tell my clients, age has no bearing on the importance of completing an estate plan. Regardless of whether you have money, property, a spouse, children, or anything else, and regardless of whether you are young or old, each individual should have their own thoroughly thought-out and completed estate plan.
Fund Your Plan
The second thing we can learn from this experience is the importance of funding your estate plan. In the instance of Nipsey Hussle, there were trusts that had been set up for his children and family. These trusts had to be funded in order for them to be complete. So not only did he create an estate plan, he also properly funded it so that if he were to suddenly pass away, the estate plan would be complete.
I am constantly amazed at the individuals who have at least enough thought to create an estate plan but then failed to fund that plan. In order for an estate plan to work, it has to be complete. It’s for this reason that we encourage our clients to speak with a qualified Idaho estate planning attorney to determine whether or not the estate plan they have is complete and accomplishes exactly what they want.
Have Someone In Charge of Your Plan
The final thing that we can learn from Nipsey Hussle is the importance of having someone named to be in charge of your estate plan. As we stated above, once the fundraising came to light, the family of Nipsey Hussle who were left in charge of his estate were able to contact these individuals and request that they cease all fundraising activities. If no one was in charge, there’d be no one who would have the authority or ability to make this specific request.
When it comes to my client’s, I often tell them that one of the best things about estate planning is that they are able to pick and choose whoever they want to do the specific things that need to be done. In other words, my clients are able to choose for themselves who they want to name to be in charge after they are gone.
ENLIST AN ESTATE PLANNING ATTORNEY TO HELP YOU
If you have any questions about your estate or how to simplify your plans for your family and loved ones, we can help. Call us toll free at 877-232-6101 or 208-232-6101 for a consultation with Lane Erickson and the Racine Olson team of Estate Planning attorneys in Idaho. You can also email Lane Erickson directly at email@example.com. We will answer your questions and will help you solve your Idaho Estate Planning problems.