Estate planning is not only for the wealthy, but it is a process that is especially important for those who have a lot of wealth and valuable assets. The singer Prince was a famous and wealthy musician who died possessing valuable property and money, but there have been many complications for loved ones and beneficiaries trying to settle his estate. A Louisiana adult can learn a few valuable estate planning lessons by taking a look at Prince’s estate.
What will happen?
The main issue with his estate is that Price died without a will. This means that state laws will determine what happens to his property and how his family will receive assets. To make matters more complicated, he was divorced twice before his death, and there are several people who want to make a claim on his estate.
By failing to have a will, Prince lost the ability to have a say in what happens to his property, money and other assets. This is a valuable lesson for every Louisiana adult, regardless of income level or wealth. Failure to plan could compromise a person’s estate and could lead to expensive and complex litigation among potential heirs.
Avoiding problems
A person does not have to be wealthy or famous to benefit from the protections found in having an estate plan. The complications surrounding Prince’s estate serve as a reminder of why planning for the future is important. Every estate plan is different, but even a basic will allows one to decide what will happen to his or her stuff in the future.
