On April 21, 2016, Prince suddenly died. The official cause of his death has not been released. But much media speculation surrounds his use and addiction to prescribed medication. To make matters worse, ostensibly Prince died without a will, or “intestate” as it is called in California.
Many of my clients and family members asked me whether I was surprised that Prince died without a will, as it has been reported in the media. Much to their surprise I was not really surprised at all about Prince dying without a will.
I cannot honestly recall the number of excuses I hear from people on why they never got around to creating a basic will or a comprehensive estate plan. The most common excuses are: (1) people are young so they will create an estate plan later on in life; (2) People do not have a “large enough estate” to warrant implementing an estate plan; (3) hiring an estate planning attorney is too expensive; (4) certain people do not want to confront their own immortality; and (5) certain people never really stop to think about creating their estate plan.
If Prince truly died without a will or estate plan of any kind, then results are going to be tragic. First, Prince’s heirs will have to be determined. Sadly, there is a gentleman in jail who claims he is Prince’s son and is demanding that a DNA test be conducted. Second, Prince’s debts will have to be ascertained. In fact, it has also been reported that certain of Prince’s employees, friends or agents will file claims against his estate for money.
Like any true artists, their fame and value increase exponentially after they die. It has been reported that Prince had an estimated $300 million dollar estate at the time of his death, which will now skyrocket. With all this money and the uncertainty of heirs and creditors, a perfect storm is brewing in Prince’s estate.
San Rafael Probate attorney Matthew W, Harris, Esq., LL.M assists individuals and families during the emotional and legal aspects of probate in Marin County. Matthew W. Harris, Esq., LL.M. offers free probate consultations. Call the Law Offices of Matthew W. Harris at (415) 521-5610. Thank you for visiting my blog.