Motivation Monday – Heir to the Throne? Prince’s Estate in Limbo

On April 21, the world lost yet another high-profile celebrity when 57-year-old iconic musician Prince Rogers Nelson died unexpectedly at his famous Paisley Park complex in suburban Minneapolis. 

Perhaps even more shocking than his sudden death is the apparent lack of a will. Tyka Nelson, Prince’s full sister, filed documents last Tuesday, April 26, in probate court, petitioning for the appointment of a special administrator over Prince’s estate. Nelson claimed no known existence of a will and listed herself and five living half-siblings as possible heirs and interested parties to the estate. Prince was unmarried at the time of death, with no living parents or known children.

Estate planning is necessary – and not just for celebrities. Creating a will is just one step in setting up an effective estate plan. Telling someone you have a will can help expedite transfer processes should you die unexpectedly. Setting up trust funds to gift your estate to family, friends or charities after your death can protect your assets from heftier tax burdens during the transfer. Personally designating someone to oversee your accounts and to manage your estate can help ensure the people you choose receive their benefits, instead of letting your next of kin, or even the state, decide for you.

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