Who Will Inherit From Tom Petty’s Estate?

On October  2, 2017, Tom Petty died in California. This rock star and musician will be missed by many fans. Who will inherit Petty’s wealth? How much was the popular rocker worth? After learning of this death, it is hard not to wonder where his fortune is headed. Did he die with a trust or will? What does this mean for his family?

On October 2, CNN reported that Petty died. Now that he is dead, who will inherit his wealth? Did the 66 year old have a will or an estate plan? West Palm Beach will lawyers and probate litigators encourage clients to create some sort of estate plan, as it can prove to be very beneficial even while you are still alive. For example, if you become incapacitated, a good estate planning attorney may be able to help you avoid a Florida guardianship and protect your wealth that you are no longer able to manage. Probate lawyers know that it is not very expensive to create a Florida will, revocable trust or living trust and they can be completed quickly. Therefore, many people do not have an excuse. Why should I bother to have an estate plan? Because, if Petty did not leave behind a will, his estate will pass by a state law that controls who inherits property when someone dies without a will. In most states, this is called intestacy law or dying intestate. Florida litigators know that, when you die intestate in Florida, heirs inherit. The intestacy laws are probably very similar in California where Petty died. Will there be probate drama regarding Petty’s estate in the near future?To read more, click here.