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What Happens When You Don't Make a Will or Trust- Don't Let What Happened to Prince, Happen to You

Posted by on July 9, 2016 at 5:10 PM

Take a look at this information from the ABA Journal and CNN News

Prince reportedly may have had millions in assets when he died at age 57, at his suburban Minneapolis home. But his sister said in a probate filing in Minnesota’s Carver County District Court that he does not have a will. Citing an emergency need for someone to manage his business interests, Tyka Nelson, his sister, is seeking the appointment of a special administrator.

Prince was a multimillionaire, with a valuable brand, a successful record label called NPG and the Paisley Park recording studio. He made most of his money from royalties from his songs and songs he wrote for other artists. What's clear is that Prince's estate is worth more now than it was the day he died.

Prince had no children, spouse or surviving parents. Five half-siblings of Prince were also listed on the document as interested parties. Half-siblings are treated the same as full siblings under Minnesota law. Since he died without a will, Minnesota law states that his estate would go to his sister and his half-siblings. Without a will, control of Prince's brand, including his record label and thousands of unreleased songs, would likely be transferred to his siblings. People close to Prince stated that he had strained relationships with his siblings.

Prince had a “revolving circle” of lawyers and business advisers. Lee Phillips—a senior partner at Manatt, Phelps & Phillips who was Prince’s lawyer in the Purple Rain era—told the Hollywood Reporter’s THR, Esq. blog last week that he hoped Prince had an estate plan. It could get very chaotic because by not having a will or estate plan, he left it up to chance.

What does this mean?

This means we should all have an estate plan or a will, at minimum. Simply contact an attorney and diminish all costs in probating your will after your death, suffering from tax implications and have full control as to who your assets go to.

Contact our office today at (209) 529-1004 to schedule a consultation.

This information does not constitute legal advice or an attorney client relationship*

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