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Musician Lou Reed passes, leaves estate to loved ones

For those Floridians with a rock and roll heart, the news of Lou Reed's death was likely met with much sadness. Florida fans probably remember the grit, heart and literary qualities Lou Reed brought to rock music and the self-abusive lifestyle the poet and musician championed. But despite his famously unorthodox lifestyle, Reed still managed to make it to 71 before complications from a liver transplant resulted in his passing.

Thankfully, Lou Reed planned for this kind of occurrence. He left behind a detailed estate plan and included in it a will outlining his wishes. His wife, musician Laurie Anderson, was written into the will to receive much of the estate. Reed's sister and other relatives -- including his mother, who will receive money for her care -- will also inherit part of the estate.

By making their wishes known in a will, Floridians can rest easy knowing their loved ones will be provided for should anything unfortunate happen. A clear and thorough estate plan allows for a clean distribution of a person's wealth and assets that is in line with the estate planner's intentions.

In order to make sure properties fall into the right hands, and loved ones are provided for long after a person's passing, it is important for people to carefully consider these issues. Estate planning needs to be done with the utmost care so that people's final wishes are carried out following their death. Without proper estate planning, people's families may spend years in probate courts arguing over how property should be divided.

Source: Today Entertainment, "Lou Reed's will leaves estate to wife, sister," Nov. 5, 2013

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