- On May 3, 2016
Most people are aware that the larger-than-life pop star, Prince, recently and unexpectedly passed away. But did you know that a will or trust has not surfaced for Prince? Prince’s sister filed paperwork with a Minnesota County probate court claiming she believes Prince died without an estate plan. Alleged creditors of Prince are filing large claims in the probate courts. A special administrator is likely to be appointed. If his estate plan is not eventually found, Prince’s purported mega estate will be distributed according to the Minnesota intestacy laws through the probate court. Unfortunately, it seems that Prince’s heirs will be facing emotional strife, hefty estate taxes, loss of privacy, a significant delay in the administration of his assets and businesses, creditor claims, court costs and attorney fees; Purple Pain.
The “lack of estate planning plague” is not exclusive to the mega-wealthy. Amazingly, many estates are left without a will or trust and suffer the same fate. Had Prince simply executed and fully funded a living trust, the probate process and many of the associated hassles and costs could have been avoided. Assets in a living trust are not probate property. By placing the assets in the trust during his or her life, a decedent can take control of who inherits the property, save his or her family the cost of the inventory process, the cost of the court proceeding, the delays inherent in probate, and keep the transfer of assets private and not part of the public record. Estate tax planning can also be achieved with proper planning.
Kelleher & Buckley, LLC is dedicated to helping our clients avoid “Purple Pain” and help ensure that their families and executors do not find themselves in an unfortunate position. Please call 847-382-9130 to set up a free consultation with one of our knowledgeable and experienced attorneys.