Singer Prince Passing Proves The Importance Of Estate Planning Documents
As everyone knows by now, sadly, Prince unexpectedly passed away recently. In the days following his untimely death, questions began to arise as to whom would inherit his estate, which some have estimated to be worth between 300 and 500 million dollars. Surely he had a will, experts speculated. He had an army of attorneys working for him.
As it turns out, he apparently died with no estate planning documents in place. When asked how this happened, one of his many attorneys stated “Maybe he didn’t expect to die.” Unfortunately, this is the mindset that many of us have. We never would expect to die so soon.
Lack Of Estate Planning Documents Can Result In Repercussions For Surviving Family Members
Prince died leaving 1 full sister and 6 half siblings. Under Minnesota law, as under Ohio law, the 7 of them will share equally in his estate. Is this what he would have wanted? Possibly, but he was known to have given generously to charities, having developed a foundation and having already donated millions to various charitable organizations. Sadly, none of them will share in his estate.
Prince’s … Read More... “Estate Planning: A Truly Sad Story, Prince – His Tragic Death and His Lack of Estate Planning”