PRINCE’S FAILURE TO PLAN
By Scott A. Joseph, November 1, 2017
Pop musician and cultural icon, Prince, died recently leaving an estate valued in excess of $300 million. The value of his estate is likely to grow as sales of his music have increased tremendously since his passing. Prince was not married and had no living children or parents. It appears that Prince died without a Will, meaning that there is no direction from the deceased as to the distribution of his significant assets.
His sister has initiated proceedings in a Minnesota court seeking the appointment of a special administrator to oversee his estate – a process which will be very costly and time consuming. Legal fees could total hundreds of thousands of dollars as his sister and various half-siblings seek their share of his estate under intestate laws of the State of Minnesota.
Very few people accumulate wealth and assets like Prince. However, everyone should execute an estate plan during their lifetime to avoid the potential legal battles facing Prince’s estate.
The Law Office of Joseph & Joseph can help you plan to pass your assets to loved ones and avoid legal battles between family members after your death. Do not wait until it is too late…
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