Prince’s Intestacy
Intestacy is where someone dies without a will. A deceased with property valued greater than their debts and funeral expenses will leave behind a problem and confusion. In my opinion, such a person not having a will was totally irresponsible and created an untenable situation. However, the person that died is not affected since they are dead. This does present a condition where what they might have wanted to accomplish won’t.
There are three simple reasons to do estate planning:
- To get your affairs in order
- To make sure your assets are distributed the way you want them distributed
- Assure liquidity
Prince got none of this. It is likely there will be protracted legal proceedings to determine his heirs based on the laws of Minnesota; whoever is determined to be an heir will share in the estate when it is finally liquidated and after diminution by professional, administrative and court fees and an almost 50% federal and Minnesota combined estate tax. No money will go to charity (unless you consider what the federal government and State of Minnesota get as charity.) He is known to have supported many charities, but none will receive a share of his huge estate. Also, there most likely will not be enough cash to pay the estate tax that will be due nine months after his death.
He was a well-known extraordinary accomplished performer who was very controlling. His situation will be widely reported on, analyzed and used as an illustration of the importance of sound or even a least amount of planning and how myriad things can get out of control.
I have one comment for you. The least estate planning means executing a will and arranging your affairs so there will be liquidity for those you left behind and for less confusion following your death. You don’t need to be mega-rich and you don’t even need a taxable estate to get your affairs in order, to make sure your assets are distributed the way you want them to and to assure liquidity for your heirs.
Don’t be a Prince. Be a sensible and considerate person!
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