Who will inherit Prince’s wealth? 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. The media has reported that he died without a will. However, a person claiming to be his adopted son is claiming otherwise.
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!
Did Prince Really Die Without a Will?
- Billboard reported on June 7,2016 that a person, who is claiming to be Prince’s adopted son, says that Prince left him $7 million in his will.
- But where is this will?
- He has not yet proven that it exists.
- What happens if there was a will and it was lost?
- Click here to read the entire article and learn more about Prince’s ongoing trust and estates matter.