This is not the first time it happens and, sadly, it continues to happen. Prince, as did Elvis Presley, died intestate – without an Estate Plan. There was no Will or Trust drafted. The consequences? Well, the answer would be court battles, family disunity, lots of money spent on attorneys, administrators and on taxes.
At this time, a Judge in Minnesota has appointed Bremer Trust, a company, to continue to manage Prince’s affairs while there is a Determination of Heirs. Prince left no Will so the Court must determine who will inherit from him and the Court will decide what each person will inherit. If the beneficiaries do not agree on the distribution of Prince’s specific assets, assets will have to be sold and moneys distributed to the beneficiaries ONLY after paying any taxes due to the government.
If Prince had a Will, an administrator or personal representative would have been appointed and there would have been no need for a company to be involved and all his assets would have been transferred to the person or persons that he really wanted to receive. The process would have been public anyways but most of the battle over who will inherit what would not exist. On the other hand, if Prince had died leaving his assets in trust, we would not even be hearing about the details of what he left and how it was distributed and to whom unless the beneficiaries were willing to put that information out there in the public domain.
You have a choice of deciding if you want your beneficiaries (unknown at this time) to fight over what you leave behind or to make sure that what you have ends in the hands of those you really care to have it. You have the control of deciding if your affairs will be public upon your incapacity or death or if they will be handled in the privacy of your attorney’s office without the media involvement.
The right time to put your time in place is Right Now! Do not wait until it may be too late. Feel free to schedule your Legacy Planning Session here or give us a call at 305-456-7158 and I will be happy to review your family needs and make the appropriate recommendations for you and your family. My ultimate goal is for you to enjoy peace of mind.
Yahima Suarez, PA
Yahima Suarez, J.D. Estate Planning for your Family