What can we learn from Prince?

Estate attorneys around the country have been paying close attention to the death of Prince. On top of losing a talented and beloved music star, controversy has popped up concerning his estate.

Family members claim that they have been unable to find a Will and that Prince doesn’t even have one, although that seems odd considering Prince’s familiarity with legal matters and his concern with preserving his interests in copyright matters, among other things. There is a chance one might surface, but in the meantime, they are continuing as if he died intestate, without a will.

What can the average person learn from this?

The most important thing to learn about estate planning from Prince is to make sure you have a will in place and to make sure your loved ones know where it is located. You may keep it in a fireproof safe, with your attorney, or file it in your county of residence, but make sure someone knows where it is. Prince’s relatives have met to discuss how his assets should be distributed, which could have been unnecessary if he had left a Will and made his wishes known. We do not know if any relatives will fight over the distribution of his assets, but it is a possibility since a Will has not been found.

It is also important to not jump to conclusions. If your loved one passes away and you are not sure if they left a will, don’t panic. You may need to go through their files and important documents to find their Will. You may also need to talk to other family members and friends to find out if anyone had any knowledge of a Will. They may have stored it in a safe deposit box, which can add several steps to the process. However, it will be worth it if you are able to find the document you need.