Prince was clearly busy with performing, writing, recording and creating. But that's still not a good reason for him to not have put a will in place. The very public court processes that are now underway could have been completely avoided had he devoted the time to creating an estate plan.
The Huffington Post, in its May 3 article, "Like Prince, A Majority of Americans Don't Have A Will," stressed that wills are important as they establish beneficiaries, distinguish who gets what (and how much of it), and prevent the state from deciding what happens to your property.
Your will acts as your advocate when dividing up your estate among loved ones. It's the set of instructions they will use.
Prince's situation, unfortunately, isn't that unusual: 55% of American adults don't have a will prepared, according an April 30 story on the "Today" show. A recent estate planning survey found that most of the respondents said they were too busy to create a will or else they believe estate planning is too complex and too expensive to deal with.
Here are a few answers to some basic questions:
Who needs a will? Everybody needs a will, even if you are not wealthy. Regardless of net worth, a will can clean things up and get your estate organized so your family doesn't have to fight over it.
How can you get a legally binding and quality will? Talk with a qualified estate planning attorney.
Give your family and loved ones the privacy and the direction that a will can provide. With a qualified estate planning attorney, you can help them avoid a lot of anguish, confusion, costs and delays.
Reference: Huffington Post (May 3, 2016) "Like Prince, A Majority of Americans Don't Have A Will"