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Stilettos and Wills- Don’t Pull a Prince

By Melissa Gutierrez
Posted On Apr 27, 2016
Stilettos and Wills- Don’t Pull a Prince

Prince, in all his purple splendor, passed away without leaving a will behind. Never mind the millions of fans he left mourning, but now, his family faces the messy task of splitting up Prince’s assets… and he had plenty.

Forbes reports Prince’s home, Paisley Park, to be valued at $7million, 15 properties he owned in Carver County to be worth nearly $30 million, and his infamous music catalog is estimated to hover around $300 million (how do I get a piece of that pie).

Prince left no surviving spouse, no children, and no parents, just a full sister, Tyka Nelson, three half-brothers, and two half-sisters.

Since Prince passed away intestate, without a will, the state’s laws on inheritance prevail; in this case, the state of Minnesota treats half-siblings the same as full siblings regarding inheritance. The probate courts will take over the administration of Prince’s estate and distribution of assets, aka, a long and drawn-out family dispute may be brewing on the horizon.

This is why you need a will.

A will sets forth your exact wishes to how, when, and whom your property and assets will belong to. Furthermore, a will can help prevent family disputes over property and assets that family members may feel entitled to.

Therefore, it is very important to be as specific as possible to prevent fighting and confusions. For example, rather than including a statement such as “I leave my entire designer handbag collection to my sister Carol,” such a provision should read: “I leave my entire designer handbag collection, which consists of two Chanel bags, one Celine bag, one Valentino clutch, and one Hermes cross-body bag, to my sister Carolina.”

Also, provide follow-up provisions to establish the contingent beneficiary in case the proposed beneficiary dies before you do or is unable to receive the inheritance.

A will is a binding legal document to ensure that your legacy lives on and that your loved ones are taken care of.

Just Will It.

Keep on the lookout for more of the Stilettos mini investment series!