Estate planning is often overlooked by just about everyone. People go on with their lives without a plan for their future, and they live in the present moment. But there are only disadvantages to not planning ahead. Even celebrities will succumb to these consequences if they did not plan for their estate.

Prince

“Prince Rogers Nelson”, aka Prince, was a legendary musician, captivating entertainer, and even a successful record producer. Prince passed away at the age 57, leaving behind a valuable and complicated estate. Prince is amongst a long list of celebrities who died without a Last Will, a list containing very valuable assets.

Prince’s situation exhibited the complexities that any estate with improper planning may face. For instance, Prince had been divorced twice, he had no children, and he was unmarried at the time of his death. However, Prince did have family heirs which included siblings and half-siblings. Shortly after his death, Prince’s heirs came forward and claimed the rights to his estate. Since Prince died intestate, he was unable to exercise his right to determine who would and would not inherit a share of his estate.

Estate Value

After six long and stressful years the legal battle over Prince’s estate has finally come to a close on January 14, 2022. The newly appraised and agreed to value of Prince’s estate is a staggering $156.4 million. Much more than the original estimate of $82.3 million by Comerica Bank & Trust, the Administrator of the estate. This is a perfect example of how disastrous one’s assets may be handled if not properly planned for. Regardless of the amount of assets held by someone, everyone can benefit from proper planning. Don’t let this situation happen to you or your loved ones, reach out to our firm to learn more about how we can help you plan for your future.