The death of Prince is another reminder of how important it is for all of us to complete our estate plans as soon as possible. After all, no one can predict when we may encounter an unexpected fatal accident or illness.
Prince is apparently among the many celebrities who in the past failed to prepare estate plans including Bob Marley, Amy Winehouse, Sonny Bono, Jimi Hendrix and Kurt Cobain.
Prince’s sister has filed an emergency motion with the court claiming that Prince did not have a will and asking the court to appoint an administrator to handle all of the estate’s financial affairs including Prince’s very large estate.
All of the details of the estate will be in public display as the estate will be subject to the public probate process. Not to mention all the legal expenses and uncertainty that will be involved in sorting out the estate.
Much of the uncertainty surrounding the estate could have been avoided if Prince had prepared a simple will prior to his death. In addition, all of the estate details could have been kept private and out of probate court if Prince had prepared a living trust prior to his death.
It is rather ironic that Prince who lived his life in such a private manner will most likely have the details of his estate completely on display to the public. Do not allow this situation to happen to you by making sure your estate plan is complete and up to date.
Don’t let your estate end up in probate court for the whole world to see, give yourself and your family peace of mind, get a Will or Trust set up today.
If you have questions about Wills, Trusts or Probate contact Thousand Oaks attorney Kent W. Keating, phone 805.719.2246.
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