After the death of Prince speculation began immediately about his estate plans and who would inherit his fortune. What no one expected is that he did not even have a will as asserted in court filings by his sister.
If celebrity deaths such as Whitney Houston, Robin Williams and Michael Jackson have taught us anything, it is that even with estate planning estates can get very messy. This is especially true when a lot of money is involved. People who learned that lesson should have been inspired to get the best estate planning advice they could to minimize conflicts over their estates.
Unfortunately, not everyone learned the lesson.
Recently deceased musician Prince is one such person. As USA Today reports, he did not have a will in "Prince died without a will, sister says."
The musician's sister has filed a petition with the court asserting that he did not have a will and she is asking that a special administrator be named to oversee the estate and Prince's business interests. Prince's closest living relatives are his sister, several half-siblings and his nieces and nephews.
He was not married and did not have any children.
Exactly how Prince's estate will be divided up under Minnesota law is unclear. One thing is certain, however. Prince left behind what is guaranteed to be a long and very messy case for the probate court to clean up.
Not having an estate plan could cause unknown people to claim kinship. It could also cause people to claim to be creditors and business associates. This is an estate that will not be closed anytime soon.
What about you? Without delay contact a qualified Cincinnati estate planning attorney to help you plan for the inevitable.
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526).
Reference: USA Today (April 26, 2016) "Prince died without a will, sister says."