Prince’s Estate Mistake: How to Avoid the Same Pitfall
It’s easy to assume that someone with great wealth would have all their affairs in order. Yet, even a celebrity like Prince neglected to create a will. It took six years, over 2,711 court filings, several DNA tests, and millions of dollars in legal fees (by 2019, the estate had already reportedly incurred $45 Million in legal fees) before Prince’s estate was finally settled in August of 2022.
You may have less money than Prince, but the legal hassles will be just as burdensome. Regardless of wealth, age, or health, having a will is essential. Here’s why:
- You Decide Who Manages Your Estate
A will allows you to appoint someone you trust to manage your estate after your death. This person will have access to your most private and personal information—your bank accounts, social media profiles, and even your medicine cabinet. Without a will, the court will choose someone for you, and it might choose the last person you’d ever want.
- You Choose Your Beneficiaries
Even if you don’t consider yourself wealthy, your possessions matter to someone, and conflicts can arise over even the smallest items. If you die without a will, state laws will dictate how your estate is distributed. Creating a will ensures that your assets go to the people you care about most, and it allows you to disinherit individuals who would otherwise have a legal claim to your estate.
- You Protect Your Children’s Future
If you have minor children, creating a will is essential for naming a legal guardian to care for them in the event of your death. However, a will only covers long-term care after you pass away—it doesn’t provide for immediate guardianship in an emergency. To ensure your children’s care in any situation, it’s important to nominate both permanent guardans in a will, and temporary guardians in a separate document.
Take the Next Step
Don’t wait until it’s too late—take control of your legacy now and create a plan that reflects your wishes! Start by booking a Peace of Mind Planning Session. We’ll answer your questions, explain your options, and reveal our unique, flat fee pricing. Then, if we decide we’re a good fit to work together, we’ll discuss next steps. Mention this blog and we’ll waive the $350 session fee! [LINK]