Many of us might wish that we lived a life like Prince. But don’t leave this life like he did – do your estate planning.
Often times the estates of celebrities are worth many millions of dollars, not only because of the homes and money that they earned throughout their career, but also because of the intellectual property, name, artistic works, music, video rights and the copyright and trademark rights that were created.
Recent news information has said that Prince died without a will. He also did not have a wife or any (known) children. What will happen to his estate – all the music rights, the reported unreleased music, and assets that he owned when he died? It appears as though his sister is going to have to go to court to petition (ask for) authority to handle his affairs and (presumably) inherit his assets. If Minnesota law is like Michigan law, then it may be that his siblings will inherit everything. Maybe not. But regardless, she will now have to go through the public process often called “probate court” where the entire world can watch and the press will have its usual field day.
All of this makes for interesting news, but I wonder what Prince himself would say about it. I doubt that he would have wanted his family and friends to go through all of this.
More importantly, why did Prince not think about this? He must certainly have had an army of lawyers. Was he like many of us who think that we are invincible and just never going to die?
The hard facts of life are that we are all going to die.
Most of us are not like Prince, and will not leave multi-million dollar estates that may carry on for years after our deaths. But that does not mean that we should forget about planning for the passing of our assets as easily as possible to our families.
Whether or not our estates are large or small, we should all remember to plan for the inevitable. Perhaps that is one of the most important messages that Prince has left for us all.
Whether it is a trust, a simple will, or other arrangements for our assets, we can all use the advice and help of an experienced estate planning attorney. Make sure that your estate will end up where you want it to, with the least amount of difficulty for your family. Call us today.
Michigan Legal Solutions
Our experienced attorneys are committed to providing our clients with the guidance and support that they need to resolve their estate planning issues. With over five decades of serving clients in Southeastern Michigan, the attorneys of Michigan Legal Solutions (Seglund Gabe Pawlak Groth & Kelley, PLC) have the knowledge and resources to resolve your issues.
No two families are alike and our attorneys are qualified to handle every type of estate planning situation, no matter how confusing or complex it may seem. We stay up to date on state and federal laws concerning estate planning and the latest laws regarding Medicare changes, Medicaid changes or nursing home issues. Our attorneys will provide you with the guidance you need and the service you expect so that you and your family get the result you want and the protection that you deserve.
Michigan Legal Solutions
28345 Beck Road, Suite 401
Wixom, MI 48393
Phone: (248) 869-0030
Fax: (248) 869-0039