The estate plan is again in focus as the result of the recent death of Prince. A number of articles have identified the number of people that are interested in Prince’s estate as either full or half siblings and more distant relatives. In addition to the known relatives, there are others that are making a claim against his estate suggesting that they were children born out of affairs that were had by the pop star many years ago.
Estate plan
The fact that Prince’s estate plan is in such disarray is really surprising given the sophisticated way he protected the rights to his music and his publishing rights. In any case, the fact that this dispute is happening at all brings to light the need for everyone to create at least some form of an estate plan.
At a minimum an estate plan should name those who would serve as the personal representative or trustee. It should also provide for the disposition of your assets, and finally, if a person has children the estate plan should name those who you would like to have guardianship of those children if the need arises.
Although not everyone may need a full trust or complicated estate plan, there really is no excuse for failing to have at least some planning in place. Although many express the cost of planning as a concern, most people are pleasantly surprised about the affordability of a comprehensive estate plan.
Prepare Your Estate Plan
We can help prepare your estate plan. The lawyers of Penzien & McBride, PLLC provide estate planning services to clients every day. If you have not completed your estate plan, contact our office at (586) 690-4400 to set up an appointment with an attorney to discuss your situation.
We also review existing estate plans to ensure that they are continuing to serve your needs.