There are many tools available for planning an estate. The ones a person in Florida chooses will depend upon one’s specific circumstances. Although having something is usually better than nothing, if one chooses the wrong estate-planning strategy, it could cause significant problems down the line. It appears that Lou Reed had chosen a less-than-optimal estate-planning strategy by ignoring his need for trust planning.
Apparently, Reed, who was known as the lead singer and guitarist for the band The Velvet Underground, only had a will as his entire estate-planning strategy….