If you’re old like me, you may not be familiar with rapper Mac Miller. Miller, just 26 years old when he died earlier this month, had his first album debut at number 1 on the music charts in 2011. He went on to date Arianna Grande, produce other famous acts, and film his own reality show while battling addictions. But in the midst of his turbulent time in the spotlight, Miller took the initiative (at the tender age of 21 no less) to create an estate plan.
After his tragic and untimely death this month, Miller’s will became public as do most wills. Miller’s will is a classic pour-over will that leaves his entire estate to his trust. His will directs all his personal property to go to his parents. You may see headlines about how “Mac Miller left everything to his parents!”; but don’t be fooled. The terms of the trust are private and would only become public in the case of litigation over the terms. (Also, you should know that the personal property referred to in the will consists of tangible items, i.e. his stuff.)
From the content of Miller’s will, we know he had a complete estate plan, with a pour-over will that works in conjunction with his trust. Hopefully Miller’s trust was funded. As all of our avid readers and followers should know by now, funding a living trust is one of the most important steps to creating a powerful estate plan to help your family. By funding the trust, e.g. titling assets in the name of your trust instead of your individual name, you make the transfer of assets upon your death a smooth process with no confusion and no unnecessary delays.
So you even if you haven’t dated a pop superstar (I’m not really sure that’s what Ms. Grande is, but I’m betting Generation Z would disagree), you can still look out for your family and protect what you’ve earned. Create a complete estate plan. Talk to us today and be the superstar your family needs you to be.