Prince's Estate is in Trouble Because he DID NOT have a Will

04/28/2016

Every day someone passes without Estate documents.  As I have noted, nobody wants to talk about their own morbidity, however, it is a conversation that must be had.  This office sees on a weekly basis the issues that arise as a result of not having Estate Planning documents prepared.  

Now there is a story that has reached national attention.  Prince has sadly recently passed and his natural sister has indicated that there is no Last Will and Testament.  This is problematic because Prince was not married, had no children and his parents had predeceased him.  Moreover, he now leaves behind a natural sister and a few half-siblings.  Under Minnesota Law, the half-siblings get treated as natural siblings and they may now claim a share of Prince's millions of dollars.  The key here is not the amount of the Estate left behind, but as to whom should inherit the assets of the Estate.  The issue could have been easily resolved with the creation of a Will.  However, it is anticipated that in this case, as it happens with Estates with little funds, that the family members will be fighting as to who should get a share of the assets from Prince's Estate.  The litigation costs in this matter will be onerous on everyone and in the result will be siblings that will distrust one another, that will establish ill feelings for one another and the siblings will all lose a disproprotionate amount of funds, had Prince simply created a Will. 

Here is a link to the New York Times article:  http://www.nytimes.com/2016/04/27/arts/music/prince-died-without-a-will-according-to-court-documents.html?_r=0

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