This might be happening in the States but the sad news of the passing of musical icon Prince comes an aftermath serves as a reminder that without a will, your estate could become embroiled in expensive litigation and argument. The singer’s death has not only left family and friends heartbroken, but has also caused tension among them as he left no will to decide the outcome of his assets.
Having held onto the rights to all his music, it’s estimated that his estate could be as much as £500 million according to Yahoo, and that’s before knowing whether he had any previously unreleased music for potential release which could see the value increase even more.
Without a will, Prince’s assets will be divided using Minnesota law in what’s known as the laws of intestate succession and presumably split between his one sister and his five half-siblings equally.
This is a quirk of Minnesota law, which sees full siblings and half-siblings treated equally, has seen infighting between those inheriting estates in the past, and the media is keeping a careful watch to see the outcome of this case on a personal level.
Why Prince chose not to leave a will is unknown at present, however without children, many people don’t see urgency in writing a will to protect them and their assets if both parents were to pass unexpectedly.
However, understanding how difficult it can make your relatives lives after you’ve gone should be incentive enough to put your affairs in order. At QualitySolicitors, we advise and help hundreds of clients with their wills. For free initial advice and a fee quote call Andrea Belshaw today.