Celebrities are not exempt from sudden tragic death.
Nipsey Hussle made a career out of rapping.
When he died, he was not married.
However, he did have two children and a girlfriend of some five years.
What will happen to his estate?
According to a recent Rolling Out article titled “RIP Nipsey Hussle: 5 reasons you need an estate plan,” that depends on whether he had an estate plan.
The issue is this: minors cannot directly inherit.
Consequently, this means a court-appointed third party would need to be appointed to manage the funds on behalf of his two children until they are adults.
His longtime girlfriend will receive nothing because they were not married.
See why an estate plan is important?
With an estate plan, Mr. Hussle could have provided clear directions regarding the beneficiaries of his estate.
He also could have minimized estate taxes (if any are due), leaving more for his loved ones and less for the IRS.
An estate consists of all real, personal, and intellectual property you own.
Without an estate plan, probate proceedings can be long and expensive.
The costs of probate will be paid from your estate and decrease the amount ultimately passing to your heirs.
While an estate is passing through probate (especially probate when there is no last will and testament, known as "intestate succession" probate), loved ones will have limited access to their inheritances for daily expenses.
We do not yet know if Mr. Hussle had an estate plan.
For the sake of his loved ones, we must hope he did.
Reference: Rolling Out (April 1, 2019) “RIP Nipsey Hussle: 5 reasons you need an estate plan”