With news of Prince dying intestate, or without a will, there’s some question as to what will happen to the millions in his estate.
Everyone knows they will pass on one day, but the majority of the population has no idea when that will be. That will lead many to put off the establishment of a last will and testament, which directs the state’s court system as to how to properly divide assets according to the deceased’s wishes.
In the instance of Prince’s millions, his sister had to file a petition with the court to become a beneficiary. And that petition is no guarantee the court will agree, leaving all of his assets in limbo at this point.
It’s uncomfortable to think about, but a reality.
When people actually get to the point of drawing up such a legal document, they come to terms with their own mortality, making the process that much harder to complete.
But unless they want to leave their loved ones with a situation similar to those of the departed pop legend, sitting down with an attorney and drawing up those documents is a necessity. A will also provides some protection for children younger than 18. Should the unthinkable occur, that document will direct the court to give custody to the family member or person the deceased intended, instead of whoever the court decides.
Additionally, it’s important to keep your will up to date. Should you get married, divorced, have children or if someone previously listed on the will has died, the document needs to be revised.
If the expense of drafting a will is a deterrent, there are cost efficient methods to establish a legal will; some are available on the Internet for a fee.
They will involve some work on your end, but are easy to fill out.