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When those with high net worths die without executing wills

Pop music fans in New York and throughout the world shared their sorrow upon learning that pop music icon George Michael had passed away during the holiday season. Family and friends continue to mourn their great loss and plans for public memorials and celebrations of his memory are being made. When famous personalities of high net worth die, speculation regarding their wills (and whether they executed any) typically flood news media. Michael's case is no different, as there has yet to be any official statement regarding his estate.

Many people have weighed in how they think Michael's assets will be distributed. His net worth continues to increase after his death; in fact, several of his records soared back up to the top 200 on billboard charts after news of his passing became known. One estimate states his personal net worth value is approximately $200 million.

Michael had two sisters with whom inside sources say he remained very close throughout his adult life. His father is also still alive. One person, who apparently knew Michael well, told reporters the singer was very generous and made sure his family would be well-provided for upon his death.

A main issue, however, is whether the singer actually executed a will before he died. Other famous music artists, such as Prince, did not have wills and contentious debates continue to rage regarding the mass fortunes they left behind. If a person in New York or any state dies without having signed a will, his or her estate is considered intestate and assets are distributed according to state laws in probate court, which can be lengthy and complicated. An estate planning and administration attorney can provide guidance regarding wills, trusts or any other estate planning documents.

Source: hollywoodtake.com, "George Michael's Money Divided? Estate Worth Even More After His Death, Raising More Questions About Who Will Get His Fortune", Melissa Siegel, Jan. 4, 2017

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