Prince, What Will Happen to His Estate?
It’s been a week since the passing of legendary singer Prince. In recent news, a petition for the administration of his Estate was filed because Prince died without a Trust or Will. Surprisingly, he is not the first celebrity to pass without proper estate planning. Past examples include Heath Ledger, Philip Seymour Hoffman, and Amy Winehouse.
Now that Prince has passed, it is up to a probate court to determine the proper individuals to inherit his Estate that is estimated to be worth over $300 million dollars. This will likely take years. Who knows how the administration of Prince’s Estate may turn out, but one thing is for sure proper estate planning, which includes a Trust and Will, is necessary so that the Trustor can clearly state his or her preferred distribution of property. Failure to have proper planning may result in the heirs of the deceased person in having to deal with the cost and process of administering the estate in probate and likely, the deceased person’s assets going to people other than his or her intended beneficiaries.
If you or your loved ones do not have proper estate planning, including a Trust, Will, and Powers of Attorney for health care and property, you should act now to ensure that your assets and loved ones do not have to go through probate.
Here at Chauvel & Glatt we know that your assets are important to you and that you want to ensure that your property will be distributed according to your wishes. We value our work and want to assist you in the best way we can. To learn how our attorneys can assist you with your estate planning or other legal needs, contact us today.