On October 15th, nearly two months after the death of Black Panther star Chadwick Boseman, his wife, Taylor Simone Ledward, filed documents with the Los Angeles probate court seeking to be named administrator of his estate. Earlier this year, Boseman and Ledward were married, and the marriage gives Ledward the right to any assets held in Boseman’s name at his death.
Boseman died at age 43 on August 28th following a four-year battle with colon cancer, and based on the court documents, it seems the young actor died without a will. While Boseman’s failure to create a will is surprising, he’s far from the first celebrity to do so. In fact, numerous big-name stars—Aretha Franklin, Prince, and Jimi Hendrix—all made the same mistake.
Understanding Boseman’s Estate Planning Situation
What makes Boseman’s story somewhat unique from the others is that it seems likely the young actor put some estate planning tools in place, but it’s possible he didn’t quite finish the job. Based on the number of hit films he starred in and how much he earned for those films, several sources have noted that Boseman’s assets at the time of his death should have been worth far more than the approximately $939,000 listed in probate court documents.
The Fate of His Remaining Assets
So what happened to the rest of Bosman’s wealth? Seeing that his death wasn’t a surprise, some commentators have suggested that the bulk of Boseman’s assets passed through private trusts. But if that’s the case, why didn’t he also have a will, which would almost always be created alongside trusts?
We may never know the full details, but Boseman’s death offers lessons for all families: careful planning can keep your loved ones out of court and shield your estate from unnecessary public scrutiny.
Chadwick Boseman: A Role Model On and Off Screen
In addition to starring as Marvel Studio’s first African-American superhero, Boseman was famous for playing a number of real-life African-American heroes during his career. His most notable roles included portraying baseball great Jackie Robinson in 42, legendary musician James Brown in Get On Up, and Supreme Court Justice Thurgood Marshall in Marshall.
Private Life and Health
Boseman continued to work on multiple movies, even after being diagnosed with Stage 3 colon cancer in 2016. Highly protective of his private life, the young star kept his illness a secret from everyone, except for a few friends and family members. His death was a shock not only to his millions of fans, but also his close colleagues.
Indeed, even Black Panther director Ryan Coogler and Da 5 Bloods director Spike Lee reportedly had no idea Boseman was fighting cancer. And Marvel boss Kevin Feige only learned about his diagnosis on the day the actor died.
Family Life
Boseman and Ledward, a singer who graduated from California State Polytechnic University, started dating in 2015, about a year before his cancer diagnosis. The couple were engaged in October 2019, and were reportedly married in a secret ceremony a few months before he died. Besides his wife, Boseman leaves behind his parents, Leroy and Carolyn Boseman, and two brothers, Derrick and Kevin Boseman. Neither Boseman nor Ledward have children.
A Planning Blind Spot
Based on court documents, the value of Boseman’s estate subject to probate is $938,500. Yet according to Celebrity Net Worth and other similar sources, Boseman’s total estate was worth much more than that at the time of his death—an estimated $12 million. Given this, it may be that the bulk of the actor’s assets were held in trusts, which aren’t available to the public, and are being handled privately through his attorneys.
Consequences of Dying Intestate
Because Boseman allegedly died without a will, California intestacy laws govern the distribution of assets titled in his name. His wife, Ledward, has priority to serve as the estate administrator and will likely inherit these assets after going through probate.
Public vs. Private Estate Handling
Probate makes assets and estate details public. Without proper planning, even private trusts may not prevent court involvement for assets not included in the trust, exposing the estate and inheritance to public scrutiny.
Trusts with a Backup: Pour-Over Wills
Given that Boseman likely used trusts to protect most of his assets, we would have recommended Boseman place all of his assets in trusts—either revocable living trusts, irrevocable trusts, or a combination of the two. By doing so, upon his death, those assets would immediately transfer to whomever he named as beneficiaries without the need for court intervention. Moreover, such transfers would happen in private, without Boseman’s assets or his loved ones being scrutinized in the public eye. Indeed, this is what’s likely happening to the balance of Boseman’s assets that were not listed in court documents.
What is a Pour-Over Will?
If trusts were used, we would have expected to see a document called a “pour-over will” created alongside Boseman’s trusts. Because it’s not practical to put some types of assets, such as vehicles, into a trust, and it can be challenging to move every single asset into a trust before you pass away, the pour-over will acts as a backup, and we always include a pour-over will with the estate plans we create for our clients.
How a Pour-Over Will Works
Unlike a traditional will, which is used on its own to distribute your entire estate to your beneficiaries upon your death, a pour-over will works in conjunction with a trust. With a pour-over will in place, all assets not held by the trust upon your death are transferred, or “poured,” into your trust through the probate process. From there, those assets are distributed to your beneficiaries as outlined in the trust’s terms.
Had Boseman created a pour-over will, the remaining $938,500 worth of assets in his estate would have been transferred into a trust and distributed to his family according to the terms he outlined in the trust.
Funding Your Trust During Your Lifetime
Yet, while a pour-over will allows assets not held in trust to be transferred into a trust following your death, the property that passes through the pour-over will must still go through probate. To this end, a pour-over will should primarily be used as a backup to a trust, and you should do your best to transfer, or fund, all of your most valuable assets to the trust while you are still alive.
Key Takeaways
As Chadwick Boseman’s estate situation demonstrates, even careful planning can leave gaps if trusts and wills aren’t appropriately coordinated. Reviewing your plan regularly and understanding the role of each estate planning tool is essential to protect your assets and ensure your loved ones are cared for.
These key lessons highlight the most important considerations for creating a comprehensive estate plan.
- Even high-profile individuals can have gaps in their estate planning.
- Trusts should be combined with pour-over wills to cover all assets.
- Regular review and funding of trusts is critical to avoid probate complications and maintain privacy.
Next week, we’ll continue with part two of this series on the estate planning lessons to learn from Chadwick Boseman’s untimely death.
Take Control of Your Legacy with Legacy Counsel
This article is a service of Legacy Counsel PLC, a trusts and estates law firm in Saint Joseph, Michigan. We don’t just draft documents; we ensure that you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life and Legacy Planning Session, during which you will get more financially organized than you’ve ever been before and become empowered to make all the best choices for the people you love.
You can begin by calling our office today at 269-932-4017 to schedule a Life and Legacy Planning Session. Or you can schedule your appointment online here. Mention this article to learn how to receive this $750 session at no charge.
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