No will for Prince? No way…
April 27, 2016
Prince made worldwide headlines last week when he unexpectedly passed away at the age of 57.
According to the Associated Press Tuesday, the late singer’s sister filed documents with a Minnesota court claiming that her brother did not have a will, and asking that the court appoint a corporate trust company to oversee his estate.
Without an estate plan, the probate laws in your state will dictate how your assets are distributed. Further, the probate court is generally a public process.
“Minnesota law states that his estate would go to his sister and his half-siblings. They would control his brand, including Prince’s NPG record label and thousands of unreleased songs.”
Whether you have a princely-sized estate and many business advisors, or a small estate and one or no advisor, the responsibility is yours to ensure that your legacy passes according to your wishes.
An estate plan can reduce future disputes, and helps to reduce the amounts paid in future estate taxes, court costs, and legal fees.
Is it time to execute or take another look at your personal estate plan?
Do you think we will be hearing more about Prince’s estate in the days, weeks, and years ahead? Stay tuned.
Sources: Associated Press, CNN Money