Wednesday, June 1, 2016

Music Icon Prince Dies without will

Prince,  a music legend oversight in not creating a will or trust is creating incredible stress for his family.

"According to two estate lawyers, it’s likely to be a mess that will take years to sort out. The fact that Prince died without official instructions on how to handle his estate is very unusual–even surprising, says Darren Wallace, an estate lawyer at Day Pitney, LLP, a Connecticut law firm. “With the amount of control he exercised throughout his life with respect to his contractual arrangements and protection his music and his image and his name change—clearly he understood a lot of these issues.”

The lesson here then is to act now on getting your will or trust completed. Few will have the vast assets that Prince had, but the stress can be equally difficult on those left begin who have no guidance from you on what to do with all your asset. Even more important, what happens to your children? Who will become their guardian? If you don't choose, someone else will and it could be the last thing your really wanted.

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