Prince’s Death Shows the Importance of Estate Planning

Learning from Prince’s Death: Do your Estate Planning now. Prince did not have an Estate Plan - Here's Why You should have one.

The singer and artist Prince recently died without a will, trust or any other kind of an estate plan to pass on his huge financial estate. Consequently, the fate of his multimillion-dollar estate depends upon decisions made by a judge in probate court to determine what will happen to everything Prince left behind.

Having an estate plan, which can include a will or a trust, is just as important to everyday persons and families as it is to multimillion-dollar singers and artists. If you have personal property, including a home or a bank account, then you need an estate plan. Keep in mind that an estate plan includes having a durable power of attorney and a patient advocate designation that appoints trusted persons to take care of your financial matters and medical care decisions should you become disabled and unable to make decisions.

Having an estate plan, including a will or trust, will help you achieve privacy, disburse your assets according to your instructions, minimize taxes and attorney fees, protect the persons you leave behind and give you piece of mind.

As we all know, death and taxes cannot be avoided. Although we can usually see when taxes are coming, we can’t always see when death is coming. With a plan, you can avoid problems for your family and for persons trying to sort out your estate after you pass away.

Now is the best time for an estate plan, whether it includes a will, trust or other estate planning tools.

Contact Bill Ager at Ager Law Office, (734) 649-0784 or bill@agerlawoffice.com, to discuss an estate plan that is right for you.