Media outlets across the country and around the globe are covering of death of musician and superstar Prince.
Regardless if individuals were avid fans of the pop star or indifferent to his music, there is one thing about the late musician we can all relate to.
First, there was the initial shock of his passing. Then, an intimate funeral service and subsequent cremation. But now comes the task of administering his estate.
According to sources, Prince estate is worth a whopping $300 million, which included his 65,000 square foot residence in Minnesota, a record label, and a antique vehicle collection. Not much else is known about the late musician, given his preference to stay out of the public eye.
So what does this have to do with the average person? Certainly, a celebrity worth millions isn’t something we can relate to.
According to the latest reports, Prince didn’t create a will, despite his meticulous method of handling his business affairs. He wasn’t married and had no kids. His only living heirs are his full sister and several half-siblings.
Sources indicate that he wasn’t super close with any and was even strained with them at times.
Would he have wanted his estate, his legacy and everything he’s worked hard to accomplish be passed onto these individuals? It’s possible, but no one will ever know.
It’s true, Prince’s situations is most unusual and not like the average consumer. But the publicity surrounding his death is a reminder to us all about the need to plan – and soon. Like Prince, we never know when it’s our time to go.
We may not all have millions, but all of us do have wishes that we would want carried out in the event of our death – wishes that may or may not even have anything to do with money.
Maybe we want to be buried a certain way. Maybe we have wishes regarding the care and maintenance of a beloved pet. Maybe we have a coin collection that we hope to pass on to a particular individual to preserve.
Without a will or other estate plan documenting such wishes in detail, we may unexpectedly someday find ourselves in the same shoes as Prince.
Those interested in creating an estate plan should speak with a qualified estate planning attorney who can provide guidance on the law and draft an individualized plan.