The ongoing litigation surrounding Jimmy Buffett’s $275 million estate is underscoring how, even with a carefully established will and trust, issues can still arise.

While not everyone has Buffett’s fortune, this legal battle matters to everyday homeowners.

Monique D. Hayes, partner with DGIM Law, echoes the sentiment, noting that for many Americans, the bulk of their wealth is represented by equity in their primary residence (homestead).

“To the extent families intend to transfer that wealth to the next generation, it’s important to do so in a way that minimizes taxes, the need for probate, and internal disputes,” she says. “High-profile cases often highlight the consequences of the failure to plan and implement a strategy to preserve wealth.”