Snoop Dogg Admits He Doesn't Have A Will: 7 Reasons He (And You) Should Reconsider

When Prince Rogers Nelson, better known to the world as Prince, died on April 21, 2016, his fans were surprised to hear that, according to documents filed by his sister, Tyka Nelson, he died without a will. While the singer did not have a surviving spouse, children, or living parents, he left behind a number of siblings (including half-siblings), an estate potentially worth $300 million, and that vault which might hold a significant number of previously unreleased works.

Prince might have been one of kind but his apparent lack of estate planning is common among Americans. According to a recent survey, 64% of Americans don’t have a will. Most of those folks (60%) don't have a will because simply haven’t gotten around to making one but others cite a lack of urgency and a general unwillingness to talk about their own mortality.

Rapper, reality TV performer, and hip-hop artist Snoop Dogg is one of them. He doesn't have a will and isn't concerned, he says, because, well, he'll be dead. His specific language, as is the case with Snoop, was pretty colorful: you can read the rest of his comments here.

But he's not completely oblivious to the consequences. Snoop hopes that he will be reincarnated, so that he could come back and watch his beneficiaries fight over his money. Yes, really.

While you never quite know with Snoop - he is one of those celebrities who continues to surprise us - it seems unlikely that he would not directly provide for his children. The 44 year-old entertainer is currently married to Shante Taylor (though divorce rumors to Shante, who Snoop had divorced previously and then remarried, persist). He has three children, Cordé Broadus, Cordell Broadus, and Cori Broadus, with wife Shante and an alleged additional son, Julian Corrie Broadus with a former girlfriend. Last year, he also became a grandfather (that will make you feel old in a hurry).

In addition to a growing family, Snoop's bank account is likely on the uptick. While Snoop didn't make the Forbes Five this year, estimates of his net worth weigh in at about $143 million. That number is bound to grow as Snoop adds to his projects, including a new reality TV show, "Coach Snoop," and his own line of marijuana and marijuana products, Leafs by Snoop.

With so many business interests and family concerns, it's hard to imagine why Snoop Dogg would refuse to draft a will, even if he is hopeful he will be reincarnated. There are a number of important reasons - millionaire or not - why it's a good idea to have a will as part of your estate plan. Here are seven to consider:

1. You can appoint a guardian for your children. If you pass away without a will, the care of your children will be determined by the laws of your state and not according to who you think might be the best person for the job. As a mom, that's a pretty scary thought. With a will, you can choose a guardian for your child or children so that they are taken care of by someone you love and trust and who shares your ideas about parenting.
2. You can appoint a trustee for your children. Sometimes, the person you might trust with the care of your children might not be the person you trust with the care of their assets. This isn't always the case but it happens. In some circumstances, depending on the ages and circumstances (such as a special needs child or significant inheritance), you might want an independent trustee (like a bank or trust company) to serve as trustee or as co-trustee to make the best financial choices for your children.
3. You can decide who receives your assets and under which circumstances. We don't all have millions like Snoop but what we do have, we probably have pretty strong feelings about where those assets go. Without a will, you don't have a say as to who gets what. And often, it's not about the money but about the family Bible, your wedding ring or the sentimental family picture of your parents that hangs in the hallway (which is mine, in case my brothers are reading this). If you want to make sure those items don't get liquidated as part of your estate or end up in the wrong hands, you'll want a will to make sure that what you want to happen, happens.
4. You can save money. It feels like not drafting a will is thrifty because you're not spending money out of pocket now. But here's what you're really doing: you're creating a potentially expensive and time-consuming situation for your beneficiaries. The reality is that, in many states, probate is not particularly costly or complicated. But fights over who might administer your estate and the distribution of your assets? Those are expensive. In addition to the expense and stress, create rifts among your family members.
5. You can ensure a smooth business transition. Like Snoop, I'm a small business owner. That makes me, according to the Small Business Association, one of 27.9 million small businesses in the country. Without a succession plan, there's no clear path for the continuation of your business. There may not be provisions for key employees and your heirs may not be as enthusiastic as you are with respect to carrying on the business. Worse, the uncertainty can lead to chaos which can quickly devalue an established business, meaning there won't be as many assets to pass along to your heirs as you hoped. How tough is it? Only about 10% of small businesses ever make it to a third generation - often as a result of a failure to plan. Estate planning empowers you to make decisions about not only the passing of assets but the passing of the torch and allows you to communicate those decisions clearly to your heirs.
6. You can give to charity. Without a will, your administrator isn't allowed to carry out your charitable intentions: your heirs may, but it's up to them. And we're not talking Zuckerberg-sized charitable gifts. Even smaller patterns of giving - to your church or your college - may be affected if you don't properly provide for those charitable organizations in your will. For federal purposes (and in some states like my own state of Pennsylvania), your administrator may not be able to claim a charitable deduction for gifts to charity from your estate not specifically provided for in a will.
7. You may be able to minimize the tax burden for your heirs. Planning in advance can help you anticipate and potentially mitigate estate and inheritance taxes. Even when you aren't subject to estate and inheritance taxes, a little planning can go a long way towards saving on income taxes. Did you know, for example, that if you don't designate a beneficiary on certain retirement accounts (like an IRA), your estate may be forced to cash out the IRA and pay income tax at a much higher rate than an individual beneficiary might pay? Or that you get a step up in basis in assets when you die but the entire basis is not stepped up if you simply add a joint owner's name? There are a number of tricky tax traps that you can avoid or mitigate with estate planning.

The bottom line? Nobody likes to talk about dying or wills or what might happen after you're not around (okay, clearly I do but most people don't). And even though it's more fun to think about the possibilities without a will - that whole watching the fighting from above that Snoop referenced - it's not what's best for your heirs. Do everyone a favor and get yourself a will. Your family will thank you for it.