Prince died without a will, so Minnesota law split his estate among his siblings instead of following his wishes. The probate process took six years and cost millions in unnecessary taxes. A basic estate plan could have prevented it.
The top 10 fails of celebrity inheritance planning. Fail number 1: Prince. Prince died without a will or a trust or any plan whatsoever. That's called dying intestate. And when that happens, your estate will have to go through the entire probate process. And the law of the state where probate takes place will determine how the estate is split up. In Prince's estate, that means that the state law of Minnesota controlled and his entire estate was split up between his siblings. Whether or not he wanted that, we'll never know. But the entire probate court process took 6 years. And during those 6 years, 2 of his siblings passed away. If he had had a will or trust, not only could he have chosen where his estate was to go, but he also could have avoided millions of dollars in unnecessarily paid taxes. Now go to my bio link and get my newsletter. Tomorrow I'll give you a celebrity fail number 2.
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