There are likely very few people who enjoy the concept of estate planning, or the division of their assets following their death. However, there is no substitute for good planning.
Many people are familiar with the name, if not the music, of the late British singer Amy Winehouse. Noted for her vintage music and dress style, powerful voice and unfortunately, her issues with alcohol and drugs, Winehouse died in July of 2011 at the age of 27. Her father recently announced that her former home, after failing to sell, will be auctioned. A charity was set up in her memory by her father, and the Camden Square, London house was to the home for the organization. Following her death, which occurred in the house, the home became a makeshift shrine to the late songstress.
The house is expected to fetch quite a sum at auction -- the bidding will begin at $2.8 million. Winehouse was young and at a great point in her career, but did not have a will. Having a plan in place for one's death may seem ghastly, but not having it can make matters very difficult later for the loved ones left behind.
Many people do not want to think about planning their estate, but it is something that even young people should consider, regardless of their record sales. The house she owned is sitting empty, and the family cannot afford to continue the upkeep of it. Hopefully the auction will help the family recoup some of the expenditures for her estate.
It is never too soon to start planning one's estate, and it is important to keep the will as updated and current as possible -- new property, new spouses or children, new expenses -- all these can change the assets and the beneficiaries of an estate.
Source: E! News, "Amy Winehouse's London Home Going Up for Auction," Josh Grossberg, Nov. 15, 2012