In the wake of the death of famed musician Prince, you may have seen media reports discussing his lack of estate planning. According to a recent probate court filing, Prince’s sister, Tyka Nelson, requested that a special estate trustee be appointed to oversee the distribution of her late brother’s assets in light of Prince having no will or other estate planning instrument. You may think that estate plans are for the ultra-wealthy, but that is simply not the case.
As we’ve highlighed before, proper estate planning has the potential to solve a lot of headaches later. From probate avoidance, which is one of the most common reasons that families create an estate plan, to clearly conveying your most intimate medical wishes, an estate plan can address many of these issues with privacy.
Whether you have a complicated estate worth much more than $300 Million like Prince or if you’re a young couple with a newborn child, an estate plan is in reach for you. If you have questions why you should consider a revocable trust in lieu of the traditional last will and testament, or if you’re still unsure that an estate plan is necessary for you, give us a call today and learn about the different estate planning techniques that are available for the long-term needs of your family.
Ariel Bedell is a Shareholder at The Loftin Firm. For questions relating to any other California real estate, corporate governance, land use, or estate planning matter, contact Ms. Bedell at 760-814-9649.