Probate Prince = Poor Planning
Are you one of the 64% of American adults who do not have an estate plan? Upon your death, don’t you want to be able to have your Little Red Corvette distributed to your favorite family member?
Incredibly, the artist Prince recently died without an estate plan (a Will or a Trust). Unfortunately, Prince just became part of the 64%. The lack of an estate plan means that Prince’s financial affairs are at risk as his entire estate will be administered in the probate court. As the New York Times reported today, Prince died without a Will “potentially causing big complications for that star’s sprawling financial estate and musical legacy.”
Heading to Probate Prince
With Prince, it appears that his lack of estate planning will cause his entire estate to go to the probate court through an extensive probate proceeding. With simple estate planning, Prince (and now his family) could have avoided probate altogether.
Was Prince so focused on his music career and busy life that he neglected to see the importance of planning for the inevitable? Remember what Benjamin Franklin famously stated: “In this world nothing can be said to be certain, except death and taxes.” At least with taxes, you know they’re due by April 15th. With death, it can come suddenly. Was Prince tempting fate?
Shouldn’t Prince have had a team of advisors (lawyers and financial) telling him to put his guitar down and create an estate plan?
I regularly listened to his brilliant music (my favorite is Little Red Corvette) Sadly, Prince did not read my blog in which I regularly sing out that creating an estate plan should be a simple and inexpensive process.
Was Prince afraid of confronting his own mortality? I believe that the most common reason people avoid preparing an estate plan is that they do not want to face their own mortality. It is clear that the decision to create an estate plan can evoke many emotions. It forces you to address some of the most difficult questions of life. And, it forces you to face the dynamics of an often complicated family.
Whether your goal is to achieve privacy, to control the disposition of assets, to minimize taxes, to avoid probate, to protect your assets, to simply give your family peace of mind, or any combination thereof, The Probate Pro is here to help.
Drive your Little Red Corvette right over to The Probate Pro to discuss your estate plan.