Berman & Asbel, LLP

One Year Later, One Step Closer to Resolving Prince's Estate

It has been over a year since iconic musician Prince passed away unexpectedly. However, his family is only starting to move through the legal process of distributing his estate. 

Recently, a judge officially named Prince's sister and five half-siblings as his heirs. Because Prince did not leave a will, the courts now have to decide how to distribute his massive estate, which includes ownership of his fortune, assets, and vast music library. 

Confirming heirs is crucial to the administration of any estate. Oftentimes, it is easier than it was in Prince's case; Prince's case was complicated because Prince was not married, did not have children, and numerous people claimed to be his heirs. Such false claims may not be made in more traditional situations, but they can affect the legal process and the distribution of assets.

Understand, though, that you don't have to have a multi-million dollar estate to leave your loved ones in a similar situation. If you do not have a will in place, you can leave your family with more questions than answers, and it will be up to the courts to determine the answers.

To shield your loved ones from lengthy, upsetting legal battles to administer your estate, you should create a thorough estate plan that clearly identifies your heirs and your wishes. Although the courts will still have to verify these things, having a will can give your loved ones and the courts critical guidance.

Whether you have a small or massive estate, creating a will can be the best way to protect your property and to ensure it is distributed to the proper people. Without a will, you could be leaving your loved ones in a complicated legal situation that has no clear or easy resolution. 

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