To most Baby Boomers, his death should be a huge wake-up call, especially since the music icon had apparently not drafted a Will. His $300 million plus estate will likely be tied up in the courts for years, and divided equally under Minnesota law among his siblings and half-siblings.
What’s striking in Prince’s situation is that someone that thoughtful and business-savvy, and so concerned with his creative independence, should neglect such a basic estate planning document as a Will.
It’s rather ironic. For years he fought the music studios for creative control, and now at his death, federal and state governments will have the ultimate say over his music and artistic legacy.
Here’s the sad facts:
Over half of all adults in this country don’t have a Will.
Among adults under age 35, an incredible 92% have not drafted a Will.
Some of those people who haven’t done their basic estate planning are the parents of small children, whose lives could be turned upside down with the death of a parent.
Prince left no children, but he did leave a very complex estate, including a reportedly vast vault of previously unpublished music. With no advanced planning in place, the estate will be hit by costly attorney fees and federal and state estate taxes, which will consume nearly half of the estate.
The Takeaway: Have you been procrastinating? Don’t; you never know how much time you have to get your affairs in order. Odds are that Prince didn’t expect to die on April 21. Your estate planning needn’t be costly or elaborate. Just get something in place; you can always modify it later. It could be the greatest gift you give to those you leave behind.