Donnelly Ritigstein Law Offices
Call for a Free Consultation
Toll Free 866-907-6368 Local 856-324-6147

Estate planning lessons can be learned from Prince's death

New Jersey residents may have likely heard about the recent untimely and tragic death of music legend Prince. However what they may be surprised to hear is despite his fame and wealth, he apparently passed away without ever having created a will or trust.

When an individual dies without a will or other estate planning document dictating how his or her property should be transferred after their death, it is the state that will make such decisions through laws known as intestacy laws. Intestacy laws vary between states, but in general the laws dictate that surviving spouses, other blood relatives and registered domestic partners may inherit. This means that other individuals such as couples that never got married, friends and charitable institutions will not receive an inheritance, even if the deceased would've liked them to.

Keep in mind, however, that certain types of assets have designated beneficiaries. If so, those beneficiaries will receive the funds from the assets despite the absence of a will. However, if a beneficiary was never named, those funds will be included in the deceased's estate and will be subject to the state's intestacy laws.

If an individual has children, it is especially important that they create a will. Should both parents pass away while the child is still a minor, a will can name or at least suggest who should be guardian of the child. Without a will, it is up to the court to name a guardian, and the guardian may or may not be the person the deceased would have preferred.

Prince himself never had children, and both of his parents are deceased. Prince resided and passed away in Minnesota, which under that state's laws means that his sister and his half-siblings will likely inherit his property. Still, his death can be a wake-up call for many that it is important to create a will sooner rather than later, as no one can predict when he or she will pass away.

Source: CNN Money, "Here's what happens when you die without a will," Jeanne Sahadi, April 28, 2016

No Comments

Leave a comment
Comment Information

Moorestown Office
212 West Route 38
Suite 200
Moorestown, NJ 08057

Map & Directions

Haddonfield Office
132 Kings Highway E
Suite 105
Haddonfield, NJ 08033

Map & Directions

Linwood Office
327 Central Avenue
Linwood, NJ 08221

Map & Directions

Cape May Court House Office
618 Route 9 South
Cape May Court House, NJ 08210

Map & Directions

Gloucester, Cumberland and Salem County Offices
57 Euclid St.
Woodbury, NJ 08096

Map & Directions

Back To Top