With 39 released studio recordings to his credit, and much more unreleased material, the musician Prince recently passed away at age 57 leaving an estate which may be worth hundreds of millions of dollars. Shockingly, the one thing Prince didn’t leave behind was a Will.
Because Prince passed away without a will, his estate must be administered and distributed pursuant to his state’s laws of intestacy. This also leaves a vacuum of authority and direction as to how the estate should be administered, and who should be charged with those responsibilities.
I only comment on this because Prince’s intestate death is an extreme example of the common mistake of failing to leave behind an adequate estate plan. It shows that even the brightest and most successful among us can fall into the trap of failing to plan.
There are lots of reasons folks don’t have an estate plan, or even a simple will: fear of addressing their own mortality, fear of the cost, reluctance to address difficult familial situations, etc. Whatever the reason (or excuse), a failure to plan really only cheats your family. It robs them of certainty of knowing exactly what your wishes were regarding the disposition of property. It robs them of the peace of mind and stability of knowing your preferred succession of authority figures for financial and medical decision-making. It robs them of the time and cost that could have been saved by even simple planning.
Your death or incapacity (at least one of the two WILL happen) will be a tremendous blow to your family and loved-ones. Don’t exacerbate that pain by leaving a mess of an estate.
Don’t be like Prince, go talk to an estate planning attorney today. If you live in Carmel, Noblesville, Westfield, Zionsville, Fishers or Indianapolis (or anywhere else in the state of Indiana for that matter) our estate planning attorneys can guide you through the process quickly and painlessly so you can get back to partying “like it’s 1999.” We’ll even make sure your “little red corvette” passes to your intended beneficiary without incident.