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Lessons to Learn From Prince's Lack of Estate Planning

Wed, Feb 08, 2017 at 11:03AM

As most know by now, Prince died on April 21, 2016. According to news reports, Prince did not leave a will or trust. Therefore, the law of the state where he died will determine who receives his assets.

According to Forbes.com, "Under Minnesota law, when someone dies without a will, and with no spouse, children or parents, then the individual's siblings become the heirs entitled to receive the assets in the estate. Half-siblings are treated as full siblings under state law, so Prince's half-brothers and sisters would be on equal footing with his full sister." Sources have claimed this would not be the wishes of Prince.

In Florida, if one dies without leaving a will or trust the circumstances above would differ. Siblings related by half blood will inherit only one half as much as those of the whole blood. If there is no will and no surviving spouse, the estate will be distributed in accordance with Florida law as follows:

If the decedent is not survived by a spouse the intestate share of the estate descends as follows: (1) descendants of the decedent; (2) parents; (3) brothers and sisters and descendants of deceased brothers and sisters; (4) grandparents; (5) uncles and aunts and descendants of deceased uncles and aunts of the decedent; (6) if there are no maternal or paternal kindred then the estate shall go to the other kindred who survive; (7) if there is no maternal or paternal kindred who survive, then the intestate estate shall go to the kindred of the last deceased spouse. §732.103, Florida Statute.

In addition to the above, there are multiple different scenarios that may arise. If there is a surviving spouse and children the distribution of assets will vary. It is important to consult with an attorney, to fully understand the distribution of one's estate based on one's individual circumstance.

Lessons to Learn From Prince's Lack of Estate Planning

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