Estate Planning Can Help You Avoid The Kind Of Confusion That Occurred After Prince's Death

Law Blog

Prince was a legendary rock star who had many ups and downs in his career. When he passed away in 2016, it was a major blow to the music industry. It was also a big problem because his estate was in such a confusing state when he passed.

Prince's Estate Was A Mess

When Prince passed away unexpectedly, fans and the general public were shocked. His lawyers were in even more confusion. Prince's early death meant that much of his estate planning hadn't been managed. While he had some ideas and a few basic concepts for people to follow, he hadn't planned every aspect of its distribution.

As a result, there was a lot of confusion about many aspects of it. This chaos required the use of an estate planner and an entertainment lawyer to sort through the mess. Avoiding this problem would have been as easy as calling a high-quality estate planner and having them create a plan that managed every aspect of his estate.

How Estate Planning Would Have Helped

A good estate plan would have helped Prince out in this case because it would have created a strategy for distributing his money and items. For example, he had carefully planned for the release and management of his vault of music. He had also carefully planned what was to happen to his Paisley Park facility after he died.

However, other aspects of his estate were in confusion, causing a difficult situation that has yet to be resolved. While an estate plan would have helped out a lot here, it wouldn't have mattered if it wasn't executed properly. That's why those who are interested in a high-quality estate plan need to understand the steps to take to execute it properly.

Writing An Estate Plan Successfully

Even though most people interested in an estate plan won't have as much money as Prince, that doesn't mean they can't create a high-quality guide. For example, they can write a will that dictates how their assets get divided when they die. They also need to name beneficiaries and sign a letter indicating where to find the plan and how to execute it after the person dies.

It is also necessary draw up a power of attorney and organize all the files in a way that makes them easy to understand and access. For example, a cloud storage system could be set up to store these vital legal documents. The paper copies could then be placed in a locked safe to ensure they don't end up getting lost or destroyed by accident.

By following these guidelines, a person can successfully avoid the kind of problem that plagued Prince's estate after his death. Though it can be a difficult process for many people, it is one that anybody with money should seriously consider. Work with a lawyer's office, like Linn Schisel & DeMarco Attorneys At Law, for more help.

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2 August 2017

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