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Prince's Death Illustrates the Importance of Estate Planning

Don Knapp, Jr., Esq

April 21, 2016 marked the passing of legendary musician, Prince. Sadly, the news in recent weeks is less about his accomplishments. Instead, we only hear about his estate, those people who will take control of it, and all of the people who claim to be related to him. Because of Prince's vast wealth, it is no surprise that his estate has captured the world's attention.

Since there is no apparent heir to the fortune, the Judge appointed Bremer Trust to administer the estate. There are six family members who are submitting their claims, one sister and five half-siblings of Prince. All six claimants have ensured reporters that they are fully cooperating with one another; however, cooperation often turns to animosity as self-interest overtakes family unity. Furthermore, additional parties claiming to be related to Prince have now appeared to claim their share.

This story should serve as a cautionary tale to all those who do not have an estate plan. Unless you and your spouse have assets approaching $10.9 million, your estate plan probably does not need to be expensive or complicated. Best of all, an estate plan helps to ensure that you and your life, not your money and your property, become your family's focus.

If you want your estate plan reviewed or updated, or if you want an estate plan drafted, please contact Don Knapp at Fausone Bohn, LLP for a free consultation. He can be reached at (248) 380-0000, ext. 3213 or at [email protected].

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