Wills are very important for everyone, including those in creative professions. This could include writers, painters, graphic designers and musicians. Experts and others in the field have encouraged people in these industries not only to have wills, but to update them frequently.
There are a few things that must be considered outside of normal assets like a home or an investment portfolio. In creative professions, a lot of intellectual property can be created. These are assets that need to be passed on in some fashion, and they should not be ignored. This could even include things that are not yet finished, such as a half-written novel or the demos of a new song.
Another important thing to remember is that wealth can increase even after death, which is why the estate must be set up properly. By spelling out what is to be done with that estate, it keeps the government from simply making the decisions, which can be important for a growing amount of assets.
For example, Ernest Hemingway passed away with unpublished novels still in the works, and they’ve now been published and sold extensively, increasing the wealth that he earned for his heirs.
Though Hemingway was famous in life, as well, this can sometimes happen to those who feel they have almost nothing of value. For instance, writer Philip K. Dick had financial issues while he was alive. However, his stories and books are still being sold and turned into movies, even after his death, so that his estate is now worth millions. Had he ignored his estate, thinking it was too small to matter, many issues could have arisen.
Be sure that you know how to draft a will, how to legally file it and how to update it in New York.
Source: Scalzi.com, “In Which I Harangue Creative Types to Update Their Wills and Estates,” John Scalzi, accessed Feb. 26, 2016