What the Estate of Prince Can Teach Everyone About the Importance of Wills

 Posted on July 18, 2016 in Estate Planning

Prince Rogers Nelson, one of the most beloved pop icons in history, spent his life fighting to maintain creative and legal control over his career. Yet, in the months that followed his death, it became evident that he had not been quite as vigilant when it came to legally documenting what would happen to those assets after he died. In other words, Prince died without a will. As a result, his substantial estate - his alleged vault of unreleased music, his roughly $300 million in various assets - have become a cautionary tale that everyone can learn from.

What Happens in the Absence of a Will?

Prince's estate is being handled by the state. This means that the state appoints an administrator (who may not be a person you would approve of), and your assets will be distributed to the next of kin. This can be problematic for a number of reasons. First, the state must establish who your true heirs are. Second, the distribution to those heirs may not resemble your wishes.

Maybe you wanted some of your estate to go to a special charity, your grandchildren, or a college friend that supported you during a difficult time in your life. Or maybe you did not want any of your estate to go to a brother with an alcohol problem, and wanted it to go to step-children instead.  Without a will, those wishes become a moot point.

Furthermore, your heirs can do whatever they wish with your assets. Family heirlooms, creative property, and more may be lost forever, sold to the highest bidder, or otherwise mishandled. For example, the unreleased music of Prince might never be heard because the heir who inherits it will get to choose what happens to it.

Without a Will, Details of Your Estate Are Public

Another obvious lesson from Prince's death is that the absence of a will makes the details of your estate public. It gets discussed by complete strangers, and your heirs have zero privacy. In contrast, a will can protect them from the prying of the public and ensure that the distribution of your estate remains a private family matter. A will can also protect your heirs - and your assets - from unnecessary and expensive tax obligations.

Craft Your Estate Plan Today

At Stock, Carlson & Asso. LLC, we understand just how important it is that your estate be distributed according to your wishes. We also know that the financial future of your family depends on our ability to craft a creative, effective estate plan. Our skilled Wheaton, Illinois estate planning attorneys respond to your needs with attentive, personalized, high-quality representation for your estate planning needs. Call 630-665-2500 and schedule your confidential consultation to learn more.

Source:

http://www.usatoday.com/story/life/music/2016/07/13/law-firm-relevant-info-prince-heirs-asked-share-estate/87033094/