The Importance of Wills & Estate Planning: 2 Key Take Aways From Bob Marley’s Life (& Death)
Bob Marley was more than just a reggae icon; he was a cultural phenomenon whose impact continues to resonate worldwide. His music transcended borders and generations, spreading messages of love, unity, and social justice. However, despite his immense fame and influence, Marley's life was not without its share of legal battles and controversies, particularly regarding his estate after his untimely death. Bob Marley's story serves as a poignant reminder of the importance of wills and estate planning. Despite his substantial wealth and artistic legacy, Marley passed away intestate, meaning he did not leave behind a legally binding will. This omission resulted in protracted legal disputes over his estate, including the rights to his music catalog, image, and likeness.
Bob Marley in 1979, before the Reggae Sunsplash concert in Montego Bay, Jamaica. Photograph: Denis O’Regan/Getty Images
GET A WILL & EXECUTOR
A will is a legal document that expresses a person's wishes when they die and which person (the executor) is to manage your belongings until its final distribution. A will allows individuals to specify how their assets should be distributed upon their death, ensuring that their wishes are carried out and minimizing the potential for family disputes. Creating a Will:
helps your family avoid disputes over your property and makes legal decisions after your death easier
saves your family money (if no will is left, your family will have to pay attorneys and rely on a public trustee to execute your will properly)
BACKSTORY
Bob Marley's death on May 11, 1981, from cancer was followed by decades of lawsuits over his estate which was reported to be worth about $30 million when he died. Bob did not leave behind a will as per his Rastafarian beliefs that characterized lawyers and legal documents as "evil" and "tools of Babylon." His family had to depend on the Jamaican estate law to decide on the distribution of his wealth.
Reportedly, Marley’s business attorney, David Steinberg, and an accountant, Marvin Zolt, convinced Rita Marley to forge his name to a series of documents, and predate them to before he died. The plan was to transfer control of the large majority of Marley’s corporate holdings, along with much of his royalty rights and money, to her. This scheme was uncovered and it began a long series of legal battles which ended after the two accomplices were found guilty to fraud and other illegalities to the tune of $6 million. Rita Marley confessed and stated that she acted upon the advice of the attorney. She lost her administrative control of Bob Marley’s estate which she had since his death until 1986.
2. HAVE AN ESTATE PLAN
All of the property we own at our death comprises our “estate.” Your estate consists of everything you own: your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, personal possessions. No matter how large or how modest, everyone has an estate and you cannot take it with you when you die.Hence, estate planning is not just for the wealthy or famous; it is a crucial process that everyone should consider.
An estate plan is a set of actions we can take during our lives in anticipation of our inevitable deaths and estates we will leave behind. It includes a will after you die but also other documents protecting your family and property while you are alive but incapacitated.
Good estate planning also includes:
instructions for your care and financial affairs if you become ill/incapacitated before you die
arrangements for disability income insurance
how to transfer your business at your retirement, disability, incapacity, or death
naming a guardian for your minor children’s care and inheritance
provision for family members with special needs without disqualifying them from government benefits
provision for loved ones who might be irresponsible with money or who may need protection from creditors or in the event of divorce
the minimizing of taxes, court costs, and unnecessary legal fees
According to Forbes Magazine, the Marley family estate generated an estimated $23 million in 2018 off of official Bob Marley licensed materials alone.
In 2020, Bob Marley was the eighth-highest paid dead celebrity, according to Forbes. And according to Cheatsheet, the Marley empire is said to be worth more than $500 million altogether.
His estate, now named House of Marley, is reportedly managed by four of his children, Rohan Marley, the brand officer of the estate; Cedella; Stephen and Ziggy, while the rest sit on a board and share the proceeds evenly.
Bob Marley's legacy extends far beyond his music; he continues to inspire countless individuals around the world with his timeless messages of peace, love, and unity. However, his experience also highlights the importance of proper estate planning. By creating a will and establishing an estate plan, individuals can ensure that their wishes are honored, their assets are protected, and their loved ones are provided for.
Whether you're a global icon like Bob Marley or an ordinary individual, estate planning is a vital step in securing your legacy and protecting your family's future. Don't wait until it's too late; take action today to preserve your wealth, safeguard your assets, and leave behind a lasting impact that honors your values and principles.