As pretty much the entire world knows by now, Prince Rogers Nelson (better known simply as “Prince”) died on April 21, 2016. Lauded for his brilliant talent as a singer, songwriter, and multi-instrumentalist, Prince will be remembered and written about for a long time.
Today, however, I write about Prince for a different reason: according to documents filed by his sister in Minnesota probate court, he died without a will or any other estate planning documents. If true, this fact is somewhat shocking considering that Prince’s estate is estimated at approximately $300 million dollars and contains a complex list of assets including intellectual property, numerous real estate holdings, artwork, memorabilia, and other unique items.
Dying without a will is referred to in Michigan and other states as “dying intestate”. When this occurs, the applicable intestate statute is applied to govern the administration of the estate. In Michigan, the process for determining one’s heirs basically follows that person’s vertical line of descent (i.e. first to spouse, then children, then other relatives). And even though the statutory defaults may sound reasonable, I still recommend caution because the distribution under the law often times does not mirror a client’s wishes.
At a minimum, I recommend that EVERYONE have a will, a financial power of attorney, and a healthcare power of attorney in place. This package of documents is not expensive and can save you (before death) and your loved ones (after your death) a lot of stress. A revocable living trust or other type of trust may also make sense to add to your estate plan if you wish to avoid probate, maintain control over your assets after death for the purpose of delaying or limiting distributions to your loved ones, attempt to avoid estate tax, and a variety of other reasons.
If you have any questions or would like to discuss starting (or changing) your estate plan, please do not hesitate to contact me.
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PLEASE NOTE: This article and other content published by Alexandre M. Zucco, Esq. is solely intended to inform readers about general developments in the law. Accordingly, this article is not intended as legal advice on any matter. There are many factors that may affect your situation. You should not act or refrain from acting because of information found here without first seeking appropriate legal or other professional advice from someone who is familiar with your particular circumstances.
