"Beauty & the Deceased" May 2016:
A monthly Newsletter on Estate Planning and other light topics!
When a person passes away without a will, they die “intestate.” When this happens, state law directs the distribution of the person’s property, known as the “estate” through a process called probate. And, it’s up to the Court to decide who controls the estate.
If Prince indeed died without a will, these statutes will result in his siblings dividing his estate, including his half-siblings. This may or may not be what Prince would have wanted, but we'll never know because he failed to make provisions in an Estate Plan himself. And, his estate is likely to be overseen by a paid executor, instead of a family member or friend he would have chosen (costing his family even more money that they could have inherited had he done some Estate Planning).
So, what does this mean for you?
Just like Prince, if you do not plan for your death, your family will get stuck in Court and could end up in conflict as well (leaving them singing “Why You Wanna Treat Me So Bad?”. It’s an unnecessary expense to your family, causes additional heartache and grief, and is totally avoidable.
The lesson is: even if your assets consist of little more than a “Raspberry Beret” and a pair of 5 inch heels, you need to protect your family and preserve your wealth and your legacy. Let Prince’s death be an inspiration to you to leave your loved ones knowing “Nothing Compares 2 U”, by transferring a legacy of love, not a big mess.
We’ve got you covered! Contact our office atwww.LegalTransparency.com to book an Estate Planning consultation. We can help you make plans for your loved ones.
@TrustLawyerLisa (Lisa Haster, Esq.) and the team at Metropolitan Law Group PA
A Tiny Purple Man and an Estate With Huge Issues
"I’m pretty sure I’m related enough”. “I’m a distant relative, but with no will…I’ve got a shot, right?”. My Inbox is flooding with messages of prospective clients claiming to be half-siblings of Prince. As much as I’d like to entertain the business, I can’t help but want to shake the little purple man.
The year was 1991. I can still smell the Coppertone. I was sunning while on the rider mower in my neon Ocean Pacific bathing suit. My Walkman played while I belted along to “Diamonds and Pearls” (still a girl’s best friend).
I loved Prince as early as Kindergarten. The only time I remember my mom truly reaching rock-star status cool, was when she announced that she was going to Mississippi Live to see a Prince show. At just 7 years old, I could identify his star power and recognized that he was an artist full of surprises who would never disappoint. And, he didn’t …until I learned (to everyone’s surprise), that he had no Estate Plan! Forget the Doves Crying, this mess must have Prince’s family triggered water wells for Prince's family.
The news left me “Delirious”. All I could think was, “Let’s Go Crazy”… let the three years of litigation begin! How did this happen? Didn’t Prince know a single attorney, accountant or a financial planner who could properly guide him to avoid this disaster? Shouldn’t every business manager recommend Estate Planning?
If Prince died without a will, Minnesota law and the Court system will dictate who controls and inherits his ginormous estate. It is also likely that taxing entities (State and Federal Government) will take a bigger bite out of his estate (costing his family millions, unnecessarily), before anyone inherits a dime! All of this could have been avoided and that’s the very important lesson for you and your family.