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.
Where Did the Rest of the Assets Go?
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?
Last week in part one, we discussed a few potential explanations for this apparent blind spot in Boseman’s estate plan, and how the young actor might have prevented the situation by creating a pour-over will to be used as a backup to any trusts he had put in place. Here in part two, we’ll focus on another critical component of Boseman’s estate plan—incapacity planning.
Incapacity Planning: A Critical Component
Protecting your assets is only the start. At the same time, Boseman needed to create planning vehicles to ensure the proper distribution of his assets upon his death, which was just part of the overall planning he required. The young actor also needed to plan for his potential incapacity—and given that he had cancer, the need for comprehensive incapacity planning would have been exponentially vital.
Essential Incapacity Planning Documents
Regardless of his age or health condition, Boseman, like all adults over 18 years old, should have three essential planning documents in place to protect against potential incapacity from illness or injury. These include:
- A medical power of attorney,
- A living will, and
- A durable financial power of attorney.
Benefits of Incapacity Planning
Should you become incapacitated and unable to handle your own affairs, these planning tools would give the individuals of your choice the immediate authority to make your medical, financial, and legal decisions, without the need for court intervention. If prepared correctly, these documents can even allow your family to engage in planning that would support your eligibility for government healthcare benefits, if needed. Finally, such documents would also provide clear guidance about how your medical care and treatment should be carried out, particularly at the end of life.
Consequences of No Incapacity Planning
If you were to become incapacitated without such planning tools in place, your family would have to distribute your estate before you could claim governmental support for your medical care. Your loved ones would also have to petition the court to appoint a guardian or conservator to manage your affairs, which can be extremely costly, time-consuming, and even traumatic.
The Importance of Incapacity Planning
Seeing that Boseman was suffering from end-stage colon cancer, such planning tools for incapacity would have been an absolutely critical part of his plan. And while we don’t know for sure if he had such documents in place, given that he died peacefully at home surrounded by his friends and loved ones, it seems more than likely that he did.
As Boseman’s death illustrates, even superheroes need to plan for the future. Death and illness can strike any of us at any time. And regardless of how much money you have, you need a comprehensive estate plan in place, not only to protect and pass on your material assets to your loved ones when you die, but also to ensure you’ll be properly cared for in the event of your incapacity from illness or injury.
Take Action: Protect Your Family
Whether you already have a plan in place or none at all, meet with us to discuss the specific planning strategies best suited to your particular situation. With us on your side, you’ll have access to the same planning tools and protections that A-list celebrities use, which are designed to keep your family out of court or conflict no matter what happens. Contact us today to learn more.
You can start 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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