Rumors are swirling around the absence – or presence – of a will for the recently deceased singer/songwriter, Prince. Originally it was speculated that he did not have a will, despite having earned millions of dollars over the years. More recently, filmmaker Ian Halperin has stated that he believes that Prince did, indeed, have a will and that the document resides in Canada.
Prince’s estate is estimated to be worth $200-$300 million. Unfortunately, rumors have surfaced that there has already been fighting among Prince’s siblings for their piece of the estate (although this is not confirmed). It is not far-fetched to think that many more people will come forward stating that they deserve a piece of Prince’s estate. With such a large estate at stake, it seems impossible that Prince would not have an estate plan so his wishes would be carried out; for now we will have to wait to see how it all plays out. If no will is located for Prince, his estate will have to be probated in Court for his assets to be distributed. Minnesota state laws surrounding inheritance will most likely be followed.
Make Your Will
Passing at just age 57, the too-soon death of this iconic musician and the ensuing mess around his estate should remind all of us that having an estate plan is very important. You don’t have to be a millionaire – and you don’t have to be elderly – to warrant making a will. Having an estate plan in place will not only protect the legacy you worked so hard to build; it will also protect your loved ones and fulfill your wishes after you are gone.
Prince was also a “secret” philanthropist, often giving money to causes that he felt strongly about: helping create green jobs in disadvantaged communities, supporting technology for urban youth and Black Lives Matter, just to name a few. If he had wishes to continue any of these philanthropic initiatives, but did not have a will that stated those wishes, these charities will receive nothing under the laws of intestacy.
Your own personal will can outline any charities or organizations to which you wish to leave all or part of your estate. This document makes your wishes known so they can be properly carried out.
Review it Often
You should also review your will periodically to make any necessary beneficiary changes, asset allocations, reflect acquired assets and more.