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Prince was a Jehovah's Witness. I remember reading that when he went door to door, people would occasional say, "Hey, you look like Prince", and he would just say, "I get that a lot".
Surprised that they did not lobby for a chunk of his estate.
Prince must have been a very lonely man. I can't imagine not having a will with this kind of wealth on hand. Only a person who feels hopeless and abandoned would not take care to ensure the future of his financial legacy.
I have an aunt (who interestingly has worked for an attorney for nearly 50 years) who has never drawn up a will. She apparently doesn't like to entertain thoughts of her own death. She doesn't have children to take care of, but she has expressed to a couple of my cousins who are closest to her how she would like her estate divided up. Not sure how that's different from putting it on paper, but there's no reasoning with her.
He wasn't that old so understandable about lack of will when he had no children.
Things happen.
He was a great artist with great pain that he needed to treat and unfortunately led to his death.
I know a lawyer who doesn't think wills are important and he owns multi-millions in real estate and cash.
He thinks the state he's in will distribute it fairly, there's a formula based on relationship to decedent.
Probably right.
She doesn't have children to take care of, but she has expressed to a couple of my cousins who are closest to her how she would like her estate divided up. Not sure how that's different from putting it on paper, but there's no reasoning with her.
Tragically, what she wanted won't really matter -- Her closest relatives will get her stuff. That's why we have wills; to make sure we know a person's wishes and that they are carried out. Otherwise, state law rules.
I have seen many of these situations.
By the way, lawyers can help a person easily avoid estate taxes with a well-drawn will. Plus, it does not cost that much to have a will drawn, at all!
He wasn't that old so understandable about lack of will when he had no children.
Things happen.
He was a great artist with great pain that he needed to treat and unfortunately led to his death.
I know a lawyer who doesn't think wills are important and he owns multi-millions in real estate and cash.
He thinks the state he's in will distribute it fairly, there's a formula based on relationship to decedent.
Probably right.
In most states, if you do not have a will, your estate will pass to your spouse if you have one. If there is no spouse it will pass to your children in equal shares. The reason that is the default is it is because that is what most people would want. There are other reasons to write a will though. You may want control over whom is appointed executor. If you do not appoint one, the court will do so. You may not like the choice. Inheritance tax is not a factor unless you are super wealthy. However, for someone like Prince it was a factor. The right combination of a will and perhaps a trust agreement can save a whole lot of taxes.
In most states, if you do not have a will, your estate will pass to your spouse if you have one. If there is no spouse it will pass to your children in equal shares. The reason that is the default is it is because that is what most people would want. There are other reasons to write a will though. You may want control over whom is appointed executor. If you do not appoint one, the court will do so. You may not like the choice. Inheritance tax is not a factor unless you are super wealthy. However, for someone like Prince it was a factor. The right combination of a will and perhaps a trust agreement can save a whole lot of taxes.
I don't have a will. I have one child who will get whatever I have, which isn't much beyond a small condo. There's life insurance, but that doesn't require a will.
However, someone told me it will be easier on her if I do have one, so I figured I'd have one drawn up.
We just sold my mother's house and settled her estate a few months ago, so I asked the estate lawyer about wills. He said he'd send me a basic form to get started, but he never did. Have to follow up on that. Or just use Legal Zoom.
If I croak before that, my lack of a will won't make the news.
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