Prince Estate Update 2018
Hi there, Bridget Mackay with the offices of Bridget Mackay in Petaluma California. I work in the area of estate planning and elder law.
And, I want to give you an update on Prince’s death. He was an artist close to my heart, having grown up in the 80s. But, do you know that it’s been two years since his death and his estate has still not distributed to his heirs? Now you can check out my other blogs that I did on Prince with an update on his six siblings who were going to inherit as a state or one where I talk about his family that was forced into probate.
So, His family was forced into probate. They had, because he had no will, he had no trust. And then, they had to determine who were his heirs. So, there was a whole court fight around that. And now, it’s sitting, waiting to be distributed to his heirs. And it has to be evaluated by the court.
Here’s The shocking thing is, it’s estimated to be about 200 million dollars and the heirs after two years have not gotten one red cent from that. But guess who has? An executor was appointed, Comerica Bank and Trust, for his probate in Minneapolis or Minnesota. They have already collected 5.9 million in fees and costs. Expenses that they’ve spent on administering his estate. Not only that, once the estate is completed, that estate is looking at approximately half of those assets going to taxes, to the IRS and the state of Minnesota.
So, what’s so shocking about Prince is that number one he did no planning. Some planning he could have done would have reduced all of that court time and those expenses, would have gotten those assets and more of them to his identified heirs. And, even though you aren’t Prince, this is also something you should do with your life. Because, you don’t want your family in limbo for two years or more. And, you don’t want that amount of money going to attorney’s fees and expenses.
So, if you want to avoid what happened to Prince, then, or Prince’s estate I should say. Then contact a qualified estate planning attorney in your area.