Picasso dies without a Will. So what?

When the Spanish painter Pablo Picasso died of a heart attack on April 8, 1973, he left behind not only a huge artistic oeuvre of 50,000 works, but enough family drama to cover several generations. While he had numerous lovers, he married only two women. Officially, there is only one legitimate heir to his vast inheritance: his granddaughter Marina Ruiz-Picasso.

Earlier this year Sotherbys held an auction which some believed would open up more family disputes.

So should Picasso have made a Will? Every lawyer would say yes and I agree.  But Wills can be challenged.  And if the estate is of significant value, and a potential beneficiary feels aggrieved, it’s understandable that Wills can be challenged.  The net result is often families that fall apart.

The challenge instead is not whether to have a Will or not, the challenge is to create a succession framework that ensures there is clarity in any gifting or inheritance. All too often, not enough time and energy is not invested to develop and deliver great strategies so the people who you want to inherit are grateful. In essence, you need to gift more than just money.

What is your legacy?  Click below to find out more.