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Learning From Prince’s Estate: 5 Reasons to Have a Simple Will

Uncategorized • May 4, 2016
post about Learning From Prince’s Estate: 5 Reasons to Have a Simple Will

How can I avoid the problems that Prince’s estate is facing? Why should I bother having aFlorida will or trust? Isn’t it expensive to hire a Florida probate attorneyto draft a will or trust for me? Everyone knows that Prince died unexpectedly and without a will. Therefore, intestacy laws will govern who inherits his estate. As we are learning from Prince’s estate, and as probate litigators West Palm Beach can tell you, dying without a will or trust may not be the best idea.

5 Reasons to Have a Simple Will

1) If you don’t choose your beneficiaries, the state will decide who inherits. If you die without a will, you don’t get to choose who inherits your bank accounts, real estate, home, savings and checking account-the state where you resided does. Each state has an intestacy lawwhich leaves your property to “heirs”, which might be defined differently in each state. Think your children will inherit everything? Maybe, maybe not. What about that spouse you have not spoken to in years and are separated from but not really divorced? ($$$$) Don’t take chances and don’t guess. Get a simple will for $100-$500. In Prince’s case, if he wanted to leave more or less money to certain family members, charities or beneficiaries, he blew his chance by not having a will.

2)  Power! In your will, you can name who you want to run your estate: the executor or thepersonal representative. If you don’t select the estate executor, then “interested” persons or family members can spend money on lawyers litigating over who has the power to run your estate. In the case of Rock Star Prince, a trust company was named because Prince did not have a will and he did not select who would be in charge of his vast empire. Enter the probate litigators to have a trial on who will be in charge.

3) Forgive loans. In your will, you can forgive debt to loved ones. Hasn’t everyone ever lent a loved one money and wanted to forgive it if you pass away? If you lent money, to, say, a nephew or child, for, say, college, grad school or a new home, but don’t want the money back if you die, say so in your will. Otherwise, your estate can sue your debtor for the repayment of the “family loan.”

4) Charities & Remote But Loving Family Members Neglected: die without a will and only a select group of heirs inherit. That means zero goes to charities like colleges or alma maters even if the decedent said so orally. And what if distant cousins or nephews were like a son or daughter? Doesn’t matter. Spouses and kids inherit over nephews and nieces: even if your kids don’t call and you are closer to a niece than your own daughter.

5) Unintended Windfall for Separated Spouses: If you are separated at death, but not officially divorced, you are still married in the eyes of the probate world. That means yourspouse can inherit some or all of the estate: guaranteed ! (Unless there was some waiver such as in a prenuptial agreement or separation agreement). Yes, even if you have not seen your spouse in years and you both can’t stand each other, the law treats a spouse as a spouse: even if separated and even if you hate each other.

Want to know more about Florida probate litigation? Consider these free resources: