What Prince’s Death Can Teach Us About Estate Planning
Well, here we are again, yet another big name, big estate celebrity has passed away without a will. You can see our previous posts about Whitney Houston‘s estate plan and Anna Nicole Smith‘s lack thereof. But, today, lets talk about Prince. What can Prince’s death teach us about estate planning?
As millions of people around the globe mourned the loss of this rock star icon, many others, his family especially, had something else to mourn- the financial battles that are sure to come. Prince was known for being very involved in his legal affairs so it surprised many that he, of all people, had no will, trust or estate plan. With his large estate in question we can only imagine what lies ahead as siblings and half-siblings all duke it out to divide up all that is Prince’s estate.
So, what can we learn from Prince’s death?
- Not having a will leaves you “intestate”
- Intestate means that a judge will appoint someone to allocate/divvy up all your assets.
- When you’re intestate, your assets are public
- Anyone and everyone can see exactly how must you are worth. A will can tell people how you want your estate distributed but usually a trust is also needed to avoid probate and govern the distribution of the estate.
- Dying intestate means your family gets less money
- The money from the estate goes first to lawyers, executors, etc. The probate process is long and complicated, especially for large estates like that of Prince. It will probably take years before anyone in his family actually sees any of his estate (assets, property, music rights, songs, etc.)
- Without an Estate Plan your assets won’t go where you want them automatically
- Without an estate plan your wealth and property are allocated according to standards set by law, not by you.
- Get an Estate Plan today!
- Its never too early but in an instant it can become too late.
- Call our office today to get your Estate Plan started! 858-549-8600
Read the full article on Forbes.com
