More than two years have passed since the death of the famous singer Prince, but what you probably did not realize is that not a single heir has received any portion of their inheritance of the estimated $200 million estate. His estate has been tied up in Probate court since his death. First, Prince did not have either a will or a trust. Therefore, there were no named beneficiaries in any estate plan that could be easily ascertained. Furthermore, his assets were not listed in a trust or will making it more difficult for the administrator of his estate to determine the vastness of his estate. Finally, heirs are “coming out of the woodwork” meaning that there were people that alleged they were a child of the famous singer. All of this added up to a recipe for disaster.
This does not mean that no one is receiving a benefit from Prince’s estate. The administrator of the estate and its attorneys have been paid approximately $5.9 million in fees and expenses and have requested an additional $3 million. These figures do not include what has been paid to other lawyers, appraisers, consultants, experts, etc.
You would think that someone with the number of advisors that Prince had would have either a will or trust in place, but wealth does not predict common sense. What does the astronomical attorneys’ and administrator fees mean? It means that the heirs will receive drastically less than what they would have received if Prince had spent a smaller amount on proper estate and tax planning prior to his death. Save your loved ones a lot of money and hassle by creating a trust or at least a basic will so they can reap the rewards of your prudent planning.