Estate planning can be different for creative people

by | Sep 5, 2018 | Estate Planning |

New Yorkers and people across the nation pay attention to the deaths of celebrities. It is a natural point of interest when prominent people in any industry die, so this should come as no surprise. Also of interest is how these seemingly wealthy and accomplished individuals handle estate planning strategies. Recently, discussions over the death of Aretha Franklin were had. Since she did not have an estate plan, it could be a problematic issue for her loved ones. The same is true about the late musician Prince. For those in creative industries who might or might not have significant assets, estate planning is often shunted to the side. Knowing the importance of drafting estate planning documents can be hammered home by understanding the type of estate planning strategies that suit them.

It can be difficult to explain to a creative person how vital it is to have estate planning documents prepared. Since musicians, actors, painters, and others in these types of career paths can think in a different way from someone who is more of a blue collar worker or a tangible thinker. Therefore, their estate plans and how to convince them of their importance requires a different strategy. Helping them understand the difference between rights to a work or series of works and how to allocate their assets might take some time, but it is necessary to avoid the pitfalls of dying intestate.

Creative people tend to think about life without considering mortality. Therefore, a will could be difficult for an artist to consider. With that, a legacy plan might be preferable as it passes on what the artist created to whomever and whatever he or she wants to possess that art. A “plan” could be the wrong terminology to use with an artist. Helping them with a process is superior to a conventional plan. It does not necessarily need to be an everyday will, but it must be a device that is suitable to their needs and their desires. It should also be something they can understand is necessary rather than an admission that they will not be around forever except in spirit.

Rather than harp on a will as a need for an artist, legacy planning could be a better idea. Having legal assistance for people who are working in an industry that requires a thought process without constraints that come from conventional estate planning is critical to formulating a viable document, avoiding family disputes, and making certain there is not a total lack of estate planning. A law firm with experience in many different areas of estate planning law can help.