Prince, the iconic songwriter, passed away on April 21, 2016. Along with his legacy and ever-lasting mark on the music industry, Prince left a lot more – his estate is estimated to be worth $150 million. Who gets all of his lavish, colorful things? Who manages the distribution of his wealth and cherished belongings? Not someone he chose and not someone he appointed.
Prince might have left a lot behind, but he didn’t leave a Will, which means that enormous estate is just lingering as family members gaze longingly at the fortune. When a person dies without or before creating a Will, our court system steps in to manage the estate. This means everything dear to you is distributed by a Judge who doesn’t know that you wanted your daughter Jenny to have your wedding ring and your nephew Louis to enjoy your Hummer. Everything is distributed according to law, not according to your wishes.
In Prince’s case, a Judge decided that his estate will be split among his siblings and administrated by Bremer Trust Company, because he trusted the bank with his fortune for years prior to his death. He has no control over what his family members receive.
Without creating a Will, members of your family can end up with belongings and assets you wouldn’t want them to have. Having a Will is necessary for all of us, and especially for those of us who have been divorced, as divorce affects your previous Will.
You don’t want a Judge handing out your cherished belongings and assets to people you wouldn’t choose to receive them. Consider having your first Will or a new, updated Will created for you. At Ross & Ross, we can make sure your desires are carried out. If you would like to decide now where your property goes later, call our office at (814) 274-8612 to set up an appointment with our attorney.
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**The content of this site is for informational purposes only and not intended to be legal advice. No attorney-client relationship exists until one of our attorneys meets with you and agrees to accept you as a client.