Why Estate Planning Matters: Prince’s Legacy

You don’t have to be rich, to be our client. You don’t have to be cool, to have an Estate Plan. We just want your extra time and your . . . wishes.

As Estate Planning and Probate Attorneys, we were shocked to see headlines back in 2016 that the one and only Prince, an extremely successful musician and entertainer, died without a valid will. If you are familiar with Prince, you might find yourself surprised that someone with his status did not have a plan for his Estate.

Prince was only 57 years old, twice divorced, and had no children at his death. Prince did have several siblings and half-siblings. His surviving siblings and their children claimed to be the rightful heirs to his Estate. An heir is established after someone dies and is legally entitled to the deceased person’s estate. Unless you state in your Estate Plan how you want your assets (houses, cars, bank accounts, stocks, etc.) to be distributed upon your death or incapacitation, the laws of the state you live in will dictate who is entitled to your Estate.

Because Prince died without a valid will, he did not get to exercise his right to determine who gets his “Raspberry Beret,” “Little Red Corvette,” “Diamonds and Pearls,” or any other part of his Estate. He could have wanted his half-siblings to receive an equal amount to his full siblings. He could have even wanted his family to get nothing and elected to give his Estate to a friend. Unfortunately, we will never know because he did not work with an Estate Planning Attorney to create a valid Estate Plan.

Depending on the size of your Estate, whether there is conflict among people claiming rights to the Estate, or whether there is a valid Will or not all contribute to how long it will take to distribute the Estate. Prince died in April of 2016, and his Estate was still mired in Probate years later. In fact, it took six years to settle his probate Estate. Probate is the legal process, sponsored by the court, to validate a last will and testament or, in the case of no will, determining who gets what based on the laws of that state. In Prince’s case, his assets, including rights to his intellectual property (rights involving his music), were likely distributed in a manner that he might not have fully agreed with.

The story of Prince’s estate highlights the critical importance of estate planning, wills, and trusts. Taking proactive steps to protect your assets and express your wishes is essential regardless of your financial status. By consulting with an experienced estate planning attorney, you can create a comprehensive estate plan that ensures your legacy is preserved, your loved ones are provided for, and potential conflicts are minimized. Don’t let uncertainty dictate the future of your estate—start your estate planning journey today. Contact our law firm to secure your peace of mind and protect what matters most.