By now you’ve probably heard that Prince died without a Will. This is a mistake that most all of us would regret (and especially our heirs) if we made the same decision. The consequences can be utter disaster.
Here are some other notables that have made the same poor decision: Michael Jackson, Pablo Picasso, Howard Hughes, Bob Marley, Sonny Bono, Martin Luther King Jr., Jimi Hendrix and even Abraham Lincoln. Hard to imagine isn’t it? Of course they had the resources to get this done.
I’ve written about this before but Prince is another real-time example and good reminder of why you want to avoid a huge tragedy like this. Now the state law of Minnesota takes over and determines where all of his assets will go. In the case of Minnesota any surviving half-siblings receive the same treatment as full siblings.
Start here for a review on preparing your estate plan including a Will.
Don’t take the route of trying to do it yourself. Although Wills can be simple and straightforward; writing a Will is not for do-it-yourselfers. You’ll see why in the article below.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. No strategy assures success or protects against loss.
