The recent and unexpected death of Legendary Performer Prince highlights why it is important to get your Will done and not to procrastinate any further. Although Prince was considered a very savvy business man in terms of how he maintained control over his music and publishing rights, he failed to remember the advice that comes from another late Rock & Roller that also died prematurely, Jim Morrison of the Doors, whose Biography was entitled “No One Here Gets Out Alive”. As of this writing, no one has produced a will nor has there been any indication that Prince had established a Living Trust prior to his premature demise. Prince’s failure to complete his estate plan prior to his demise is likely to be a boom to the many Lawyers that represent various interests that claim to be an heir to the singer’s fortune. These putative heirs would include any illegitimate children he may have fathered and possibly the illegitimate children of any predeceased brothers or sisters (including half brothers or sisters.) And if history is any guide, just look at what happened to the Howard Hughes Estate when it was determined that he had not left a will. Several purported wills were submitted, and there was even an alleged “wife” that claimed she had secretly married Howard Hughes while offshore on a yacht in International Waters! The result was many years of litigation which whittled away may millions of dollars of legal fees and expenses while the courts sought through the multitude of claims. The Hughes Estate sat in probate court for 34 years before the dozens of Lawyers and other assorted professionals had finally drained a large portion of it leaving the remainder to his eleven cousins.
Just to foreshadow what is likely to be years, if not decades, of disputes concerning the Prince Estate, eleven lawyers were present at the first probate hearing representing a variety of “concerned” relatives. Already at least one individual, who happens to be a convicted felon, has filed a $300 Million claim against the estate claiming that he is the illegitimate son of Prince.
Any estate is subject to legal challenges concerning who the proper heirs are, and that can occur even if you leave a properly drafted will behind. However, the prospect of prolonged legal battles is lessened significantly if your assets are to be managed by the Personal Representative of your choice (as opposed to a court-appointed Bank or other fiduciary you never knew). And by utilizing a well drafted will or trust those assets are more likely to pass to the beneficiary or beneficiaries that you have designated in a simpler and quicker time than if you die intestate (without a will). Such was the case with Elvis Presley who left a will excluding any other children, whether known or unknown to him at the time of his death, which meant all of the many alleged illegitimate children of Elvis had no legal basis to substantiate a claim against his estate.
For anyone like Prince that leaves behind large estates, proper estate planning can shelter assets from fairly hefty state and federal tax burdens. Prince once said “Life is just a Party, and Parties weren’t meant to last”. But remember, the cleanup after this party we call life is much easier, neater, and inexpensive if you just take the time to see your Lawyer and complete a properly executed will!
If you have any questions on wills or would like our firm to help you create one, please contact The Carroll Law Firm PLC at (623) 551-9366!
