![\"prine-decedent\"](\"https:\/\/www.rushtonlawnashville.com\/wp-content\/uploads\/2016\/10\/Prine-decedent-300x222.jpg\")
Earlier this year, we posted about the passing of Prince.\u00a0 He died without having executed a will devising his ‘Diamonds and Pearls’ or making other fundamental estate planning decisions.<\/p>\nEarlier this year, we posted about the passing of Prince.\u00a0 He died without having executed a will devising his ‘Diamonds and Pearls’ or making other fundamental estate planning decisions.<\/p>\n
If you die intestate (without a will), your spouse and descendants (children) will receive your estate directly. \u00a0Should you die without direct descendants, it then goes “up” to your parents, and if they are deceased, then to your siblings. If your siblings are deceased, the court keeps going until it finds your closest relatives who would then receive your estate. \u00a0This is where the classic movie begins with the “rich uncle” twice removed who passes and suddenly you inherit $50,000 and a ‘Little Red Corvette’. \u00a0Unlikely, but it makes for good storyline.<\/p>\n
Prince died without a spouse, his ‘Most Beautiful Girl in the World’, and without children children born during a prior marriage. \u00a0Multiple people claimed to be his children in order to receive a portion of the multi-million estate. \u00a0This created quite a ‘Controversy’. \u00a0 Most were eliminated as descendants via DNA testing.<\/p>\n
What a mishegas! \u00a0Had the Purple One had taken a few steps to make his wishes known, his siblings and\/or specific beneficiaries could have saved an untold amount of money in legal fees. \u00a0It is also estimated that approximately half of his estate will go towards estate taxes alone.<\/p>\n
Don’t take a page from Prince’s song book and leave your estate in this condition. \u00a0Plan. \u00a0Act now.<\/strong><\/p>\n The article linked here<\/a>\u00a0is an excellent source for some very simple planning you can efficiently accomplish. \u00a0This can make an extremely difficult time much easier for the people you love when you are gone. \u00a0Planning ahead for these matters is not morbid. \u00a0It is smart.<\/p>\n After all….<\/p>\n No one lives forever. To learn more about the status of the purple estate, click here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Earlier this year, we posted about the passing of Prince.\u00a0 He died without having executed a will devising his ‘Diamonds and Pearls’ or making other fundamental estate planning decisions. If you die intestate (without a will), your spouse and descendants … Continue reading
\nMake an exit plan.
\nKnow where you going.
\nYou will leave your luggage here.
\nMake your decisions or someone else will make them for you.<\/p>\n