Prince’s $50 Million Estate and What Went Wrong With the Rock Star’s Estate Plan

Who will inherit Prince’s wealth? What does Prince’s estate plan say? How much was Prince worth? After learning of the death of music legend, Prince, it is hard not to wonder where his fortune is headed.

Did Prince Die Intestate?

• In 2005, Forbes Magazine estimated that rock star Prince was worth about $50 million.
• Now that he is dead, who will inherit his wealth?
• On April 27,2016, the New York Times reported that Prince may have died without a will.
• How can such a wealthy person not have a will or even a simple estate plan?
• Estate planning attorneys West Palm Beach encourage clients to create some sort of estate plan, as it can prove to be very beneficial even while you are still alive.
• For example, if you become incapacitated, a good estate planning attorney Boca Raton may be able to help you avoid a Florida guardianship and protect your wealth that you are no longer able to manage.
• Probate lawyers West Palm Beach know that it is not very expensive to create a Florida will,revocable trust or living trust and they can be completed quickly.
• Therefore, many people do not have an excuse.
• Why should I bother to have an estate plan?
• If there is no will found, Prince’s property will pass by a state law that controls who inherits property when someone dies without a will.
• In most states, this is called intestacy law or dying intestate.
• Florida litigators know that, when you die intestate in Florida, heirs inherit.
• The intestacy laws are probably very similar in Minnesota where prince died.
• What if Prince didn’t want his heirs to inherit his wealth?
• He should have created a will or trust!
• Avoid the mistake Prince made, and take the affirmative steps to create an estate plan.Want to know more about Florida probate litigation? Consider these free resources:
  • Read the Florida Courts webpage on the probate process:http://www.flcourts.org/resources-and-services/family-courts/family-law-self-help-information/probate.stml
  • Read the Florida Probate Code:http://www.floridabar.org/tfb/TFBLegalRes.nsf/
  • Read the Florida Probate Rules:https://www.floridabar.org/tfb/TFBLegalRes.nsf/
  • Here are the Rules Regulating the Florida Bar if you are interested in hiring a Florida probate litigation lawyer and want to know more about our ethical rules and our rules of conduct:http://www.floridabar.org/divexe/rrtfb.nsf/WContents?OpenView
  • Here are the Florida Rules of Civil Procedure:http://www.floridabar.org/tfb/TFBLegalRes.nsf/
  • Watch free Florida Trust, Probate & Guardianship videos, which include important topics of Florida estate, guardianship, attorneys fees, & trust law.
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