As the world continues to mourn the sudden death of music icon, Prince, speculation builds on the cause of his demise. It is suspected that opiates played a part in it, and search warrants have been executed to discover if improper prescriptions were authorized.
Additionally, it is unknown if Prince passed away intestate (without a will). This led to a petition being filed by one of his siblings declaring that no evidence of a will has been found, which under Minnesota law, allows for his estate to be divided amongst his brothers and sisters.
Princes estate is estimated to be worth $300 million. Indeed, an audit has not been conducted, and it is rumored that he has a massive catalog of unreleased music and videos that could supply 100 new albums.
Whether this is hyperbole or reality remains to be seen, but the story is a prime example of why it is important to have a will. Indeed, many people may be averse to estate planning; thinking they do not have Princes (or any celebritys) fortune. But having a basic document to detail how you want your belongings distributed is important for two reasons.
First, it will give much needed direction for executors in administering your estate. After all, besides distributing property, an executor needs a way to know where to find particular assets. A will can help in doing so. Also, without a will, your property will be distributed according to California law instead of your own wishes.
If you have questions about what should go into a will, an experienced estate planning attorney can help.