Like Prince and Snoop Dog, most Americans do not have a will

On Behalf of | May 20, 2016 | Wills

Nevada residents may have heard that the performer Prince, who died last month, did not have a will. Now another performer has declared that he has no will. Artist and entrepreneur Snoop Dogg says he does not have a will, but that he does not think this is a problem. He admits that he expects his family to fight over his money when he’s gone, but since he believes in reincarnation, he hopes to be around to witness the fighting.

Unlike Prince, who had no children, Snoop Dogg has three children with his wife, and may be the father of a former girlfriend’s son. He also has one grandchild. His net worth is an estimated $143 million, and will likely grow as the entertainer is launching a reality TV series and has a line of marijuana products in Colorado.

Celebrities who do not have wills are not alone. It is estimated that 64 percent of Americans do not have a will. Legal experts say that everyone, even those who are not wealthy, should consider having a will to avoid complications for their loved ones. In addition to allowing someone to decide who will receive assets, a will can also provide guardianship for minor children, appoint a trustee to handle the children’s assets, specify donations to charity or detail the transition of a business.

Having a will also makes the legal process easier for someone’s heirs, and it could save them money. A living person could also set up a living trust. This is a document that allows someone to maintain control of their assets during their lifetime, while ensuring that the assets pass on to specific people. Without a living trust, an estate may enter probate, allowing the courts to decide on the transfer of property.