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Lessons to Learn from the Death of Prince

On Behalf of | Feb 3, 2022 | Estate Planning

Like anyone’s death, the loss of a celebrity is a tragedy. However, even after their fans have stopped mourning, the challenges and heartache for their families have hardly begun. That’s because many celebrities either fail to plan for their estates or neglect to keep them updated. Unfortunately, this was the case for Prince following his death in 2016.

What Happened With Prince’s Estate?

Prince had a sizeable estate filled with unique assets. Unfortunately, he did not protect it by failing to prepare a proper estate plan. And with no spouse or children of his own, the person who would be named to oversee his estate, the executor/personal representative, remained unclear.  The probate court eventually appointed a bank after being petitioned by one of Prince’s relatives, but that bank eventually resigned from the responsibility. Prince’s failure to prepare estate planning documents where he named who would manage his affairs upon his death has created additional questions and obstacles in administering his large and complex estate.

Planning for an Estate of Any Size

While Prince is a celebrity with a multi-million dollar estate, these disputes and proceedings are quite common after a loved one passes away. Those left behind are often forced to spend years filing court proceedings and arguing with their own relatives in the midst of their grief. Along with time, significant fees and legal costs pile up with sometimes no end in sight.

What Lessons can we Learn from Prince’s Estate Nightmare?

It’s easy to put off estate planning. We don’t typically expect something to happen to us, and we certainly don’t like to think about it. And with so many of us leading busy, fast-paced lives, it’s easy to convince ourselves that we don’t have time to set up an estate plan, including a Last Will and Testament and a Revocable Trust.

Unfortunately, if the worst should happen, it will likely take your loved ones much more time to settle your estate than if proper planning was done before your passing. They will also incur significant costs along the way. In the end, your assets may not to be distributed in the manner you would have preferred and because of the legal fees and costs your estate will be smaller than it could have been if there was a well laid out estate plan. Even worse, your family may be divided if some relatives believe your assets were distributed unfairly.

Making the Estate Planning Process Easy

Fortunately, the process of creating a well formulated estate plan is surprisingly easy and straightforward with the right legal team. Our team at The Siegel Law firm, P.A. knows the right questions to ask in order to help our clients’ needs, situation, and create an estate plan to meet our client’s goals.