When Prince passed away in 2016, he left behind a fortune estimated at over $300 million. Since he died without a will or any kind of estate planning, a complicated legal process followed in which a judge decided how his estate would be divided. More expensive complications ensued, and as of this year, the singer’s family has still not received any cash from his estate. On top of that, his estate is estimated to have decreased by $100 million since his death, due in part to the legal complications.
This all could have been avoided with a well-made estate plan.
What is an Estate Plan?
Estate Plans are documents that outline how your assets and personal obligations will be distributed among your survivors after you are deceased. A properly prepared and documented estate plan can help your loved ones avoid losing valuable time and money after you are deceased.
Here are just a few of the things a well-made estate plan can help you do:
• Avoid probate
• Reduce Estate taxes
• Protect assets
• Avoid ambiguity and arguments
• Have peace of mind
Estate planning attorneys can help you navigate the process of making sure that you are prepared for any unplanned circumstances. If you want to ensure that your assets are protected and go to whom you wish, it is critical to have a quality estate plan made.
When should I get an Estate Plan?
We recommend that all individuals who are married or over age 18 and that have assets consider forming an estate plan, even if only a simple Living Will. If you have substantial assets (in excess of $50,000) we recommend that you consider a more comprehensive estate plan.
How Can I Find Out More?
Four years later, Prince’s family is still dealing with the headaches from him not having an estate plan. Eliminate potential headaches for your loved ones and have peace of mind with Sumsion Business Law. We can help you create the perfect plan for you and your family. Our attorneys have the knowledge and experience you need to make sure that you and your family are ready for the future.