By Sarah Stewart Legal Group, PLLC
Malcolm James McCormick, the rapper and music producer known as Mac Miller, died on September 7 in California. He was only 26 years old.
The rapper began his career at 14 under the name EZ Mac. In 2010, he signed with Rostrum Records and released his first album, Blue Slide Park in 2011. He went on to create several more albums over the span of his short career and became a highly-sought-after collaborator. By the time of his death, he amassed more than $9 million in net worth.
Mac Miller was single and had no children, yet despite his youth, he learned from the errors other famous musicians made in their estate planning. Mac Miller helped his family by pre-planning. He planned for his family after his death with a Will that left everything to a Trust.
Other famous musicians, including Prince and Aretha Franklin, did not properly plan for their assets after their deaths. Prince died in 2016. His family is still going through the court process of probate to try to distribute his assets. The process has been stressful, and no doubt, costly. Aretha Franklin died in August 2018. Her estate is currently going through the probate process as well.
When estates go through probate, it can take a long time. Also, the public nature of the proceedings allow family members and sometimes even strangers, to make claims on the estate and delay the process even more.
Mac Miller’s estate will not have to go through the probate process, thanks to his advanced planning. That means a Court will not have to oversee the division of the assets and notices will not be sent out that allow people to try to stake their claim to his estate.
Another benefit of Mac Miller using a Trust is that his wishes will remain private. His family will not have to file documents that inventory his assets and who receives them in the court-which makes matters of the estate a public record.
Of course, a Trust is only as good as what you put in it. When creating a trust, the person making the Trust must change the title of assets into the Trust’s name. Should an asset be missed, most Trust plans will include a Pour-Over Will. The Will would be probated, but the assets would go straight into a Trust, keeping the assets and distributions private from the public eye.
If you haven’t created a plan for your family after your death, there is no better time than now! Reach out to an estate planning professional today to get started!