Prince Dies Without A Will With Estate Estimated Over $300 Million.
The untimely passing of music superstar Prince was a shock to all who grew up with his music. As an attorney, one of the first things you assume is that he most certainly had extensive estate planning. He was surrounded by attorneys and money managers who would have pressured him to plan. Prince owned copyrights to his music, had a valuable public brand and name, and had an estate large enough to be subject to estate tax. The Los Angeles Times reported that Prince's estate is rumored to be worth over $300 million and that he may have died intestate (without a will or trust). While hard to imagine, it is not unusual. This would mean his sister would inherit everything as his closest heir regardless of whether he had a live-in companion or other people he wanted to provide for. If you have not done your estate planning, you're not alone. It is natural to put it off. Being in Los Angeles, we have had celebrity clients and Us Magazine is right in that celebrities are "like you and me." This is easy to put off since it involves planning and preparing for a time when we will not be with our loved ones. One meeting I had with a celebrity for estate planning, required me to not mention the word "death" in the meeting. Of course, I complied. Why? The important thing is helping clients have peace of mind and having the satisfied feeling that one's affairs are in order.