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What Prince Can Teach Us About Estate Planning

Since the untimely death of music legend, Prince, alleged relatives are coming out of the woodwork seeking to share in his estate. If these alleged relatives are in fact confirmed to be relatives, they could receive a portion of Prince’s estate. If he had a will he could designate who among his relatives would receive a portion of his estate, and what size and kind of a portion each would receive. Without a will, the court will be left to apportion the estate in accordance with state laws governing inheritance.

 

With the recent death of Prince, everyone should be thinking about their own estate. While the average person may not have an estate the size of his, it is worth thinking about who you would want to receive assets as part of your estate. Without a will, a probate court is forced to follow state laws regarding which relatives may be entitled to a share of the assets. This may not result in a distribution with which you would agree. A will is generally not a great expense, and can contribute peace of mind regarding to whom your estate should pass. Everyone should have at least a basic will in place, along with advance directives in place. Let us help with your estate planning needs. Call us to schedule your free consultation now.

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