On April 21, 2016 acclaimed musician Prince passed away in Chanhassen, Minnesota. His eclectic and flamboyant style moved a generation of music-lovers and many around the world mourned his death. Prince sold over 60 million records during his forty-year musical career. It is reported that the deceased songwriter’s net worth exceeds $250 million.
Unfortunately, Prince did not have a will, trust, or any other estate planning documents prior to his death.
What happens now? (if Prince lived in Utah, of course)
If Prince died in Utah without a will or trust, he dies “intestate,” meaning that his individual property will go to his closest relatives in a manner directed by Utah law. Who gets what or how much depends on whether the deceased individual has living children, parents, siblings, or other relatives. Prince was divorced and did not have any surviving children or parents. This means his estate would pass to his sister and his half-siblings in equal shares – with an individual share being worth as much as $50 million dollars.
In the end, because Prince did not effectuate an estate plan during his lifetime, Prince did not get to choose how his property would be disbursed upon his death. He ceded that decision to an emotionless state statute that could never know whether Prince knew or even had a good relationship with his sister or half-siblings.
There is a better way.
A properly structured estate plan can save thousands of dollars in court costs, months in wait time, and provide you and your family with the roadmap to the future. Each individual and family is different and so every estate plan must be specific to the goals, challenges, and desires of the people who will be affected by it.
Contact us today and we can help you get your estate in order.
*While this blog post was written by an attorney, the content is for informational purposes only and does not create an attorney-client relationship and is not intended to be an avenue for legal advice*