Thirty-three years after reggae legend Bob Marley’s death from cancer, lawyers are continuing to battle over his estate.
Marley, a Rastafarian, did not leave a will for religious reasons. As a result, he left a probate mess that continues to this day, according to an article on insurancenewsnet.com.
There have been multiple lawsuits filed in Jamaica, the United States and England over his estate. When he died, his net worth was estimated at $30 million, but the estate has grown over the years. It earned an estimated $18 million in 2012 alone, says the story.
Among those who are looking for a piece of the estate are his widow, Rita, his dozen children, various grandchildren, band mates, musicians, business associates, and scam artists, the story says.
One estate planner quoted in the story said that while the Rastafarian faith does not believe in wills, because it does not believe in death, Marley certainly could have avoided this legal mess by setting up an irrevocable trust. It is more in line with Rastafarian thinking about eternal life because of its potential perpetuity.
With such a trust, Marley could have continued to be in control of his intellectual property and assets, which he could have placed under the control of a trustee of his choice. And he would not have had to acknowledge mortality by doing so.
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