By now you've seen and heard the news of the musician's sudden death. You also now are aware that the Minnesotan failed to take time out from the concerts, recording, and songwriting to do his estate planning.
The Huffington Post, in its May 3 article, "Like Prince, A Majority Of Americans Don't Have A Will," stressed that wills are important as they establish beneficiaries, distinguish who gets what (and how much of it), and prevent the state from deciding what happens to your property.
Your will acts as your advocate when dividing up your estate among loved ones. It's the set of instructions they will use.
Prince's situation, unfortunately, isn't that unusual: 55% of American adults don't have a will prepared, according an April 30 story on the "Today" show. A recent estate planning survey found that most of the respondents said they were too busy to create a will or else they believe estate planning is too complex and too expensive to deal with.
Here are a few answers to some basic questions:
Who needs a will? Everybody needs a will, even if you are not wealthy. Regardless of net worth, a will can clean things up and get your estate organized so your family doesn't have to fight over it.
How can you get a legally binding and quality will? Talk with a qualified estate planning attorney.
While the "back of a napkin" might work, you really do get what you pay for when it comes to estate planning documents.
Do you live in South Florida or recently relocate to South Florida? I can help! Call me (305-443-3104) right away for peace of mind.
- I'm an exceptionally experienced Florida Bar Board Certified Estate Planning Attorney,
- I'm a Florida Bar Board Certified Elder Law Attorney, focusing on ALL legal issues related to aging,
- have prepared over 4,000 estate plans in 30+ years in practice,
- have administered over 600 estates through Probate, and
- am a Certified Financial Planner Professional™, plus
- I am also a Florida Certified Public Accountant (CPA).
Of course, if you would like more information about General Estate Planning in South Florida, I have a very informative website you are welcome to visit for more information.
Reference: Huffington Post (May 3, 2016) "Like Prince, A Majority of Americans Don't Have A Will"
Image Credit: Prince, People au Défilé Channel, Printemps-Eté 2010 By Nicolas Genin from Paris, France [CC BY-SA 2.0 (https://creativecommons.org/licenses/by-sa/2.0)], via Wikimedia Commons