Purple rain, purple rain is falling upon the millions of fans who grieve over the death of rock and pop legend, Prince. Prince, also known as Prince Rogers Nelson, passed last week at his Paisley Park home.
Now what happens to his estate? When you are rich and famous, the popular misconception is that you have your Diamonds and Pearls and your Little Red Corvette planned for. But there must have been a Breakdown, because Prince’s sister filed to open a probate in Prince’s home county in Minnesota.
In the court documents, Prince’s sister, Tyka Nelson, claims that Prince did not even have a will. But Let’s [Not] Go Crazy because even if Prince had a will, a probate would still need to be opened. A will simply tells the court your wishes as to who you would like to be in charge and who will receive your “stuff.”
To avoid the publicity of a court case (and that is what probate is), as well as the cost and potential Controversy, Prince, as well as anyone, should have planned with a revocable trust. U Know this could be any of us. We all put off planning, as we live for the Days of Wild; death and incapacity and those drab topics makes us feel like we have a Dirty Mind.
We all want to party like its 1999, and Prince, evidently, was a Partyman. But unlike a good wine, putting off talking with a qualified attorney about your plans does not get Better with Time. Breakfast Can Wait, but your estate planning should not.
In addition to Tyka, Prince also has five half siblings. With no planning done, it does not matter if Prince had a Darling Nikki, or Another Love, the state of Minnesota makes all distribution decisions through their laws of intestacy. You don’t need an Act of God to see that the State’s plan may not be what you need or want.
For You, one of our estate planning attorneys will sit down with you, at a complimentary consultation, and see what plan works best for your situation. So put on your Rasberry Beret, and use Prince’s lesson as a Sign O’ the Times, and make your appointment today.
Contributed by Morris Hall, PLLC Albuquerque, Santa Fe and Las Cruces Estate Planning Attorney and Partner, James P. Plitz.
About Morris Hall, PLLC:
At Morris Hall, PLLC we have focused our legal practice on estate planning for over 45 years. Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, power of attorneys, business planning, succession planning, legacy planning, charitable gifting and other important legal aspects. We also have divisions in financial, real estate and accounting to help you incorporate all of your planning together, ensuring that everything works perfectly for your needs and situation. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Carefree, Tucson, Oro Valley, Prescott, Sedona, Flagstaff and Arrowhead. Our New Mexico offices are located in Albuquerque, Las Cruces and Santa Fe. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.