Who Gets Prince’s Millions?
It is so important to have your estate planning documents in place, especially if you come from a blended family.
Recently, a client came to us because her brother passed away without a will. Our client assumed that his estate would go to her. Additionally, her parents were divorced and both remarried and had other children. Our client and her brother were not close with their half brothers and sisters and we had to tell her the unfortunate news that she would have to split his estate with her half siblings.
A similar scenario is currently happening with Prince’s estate. Although it is not known whether he had a will, we have seen discussions that he may have passed away without one. If that is truly the case, then his sister would have to split his estate with her half brothers and sisters. Furthermore, given the size of his estate, without the proper tax planning in place, the IRS could potentially take a large portion of the estate.
Although estate planning can seem like a daunting task, a qualified estate planning attorney can help you through the process. Save your loved ones time, money, and stress by having your estate plan in place.