Music Superstar Prince Teaches Us Lessons in Estate Planning

 Music Superstar Prince died three years ago of an accidental opioid overdose in Minneapolis. He was 57 years old. His untimely death teaches many tragic lessons, including the need for proper estate planning – regardless of the size of your estate.
Prince did not leave estate planning documents. No Will, no Trust – so decisions are now left up to the probate court. Heirs fight among themselves, individuals claim to be heirs but are not, assets must be identified and managed, taxes must be considered and paid, multiple law firms represent multiple parties, and costly court issues continue.
According to USA Today, dozens of self-proclaimed heirs appeared, but it has been narrowed down to six.
Why didn’t Prince complete a Trust or Will? We will never know. But one lesson is this: proper legal advice by a qualified attorney is invaluable, and can save immeasurable time, money, and heartache. In addition to planning for death, it is also critical that every person plan for the possibility of incapacity. This means stating who manages and how they manage your assets and health decisions in the event of a stroke, dementia, or other catastrophic event. Legal documents should include special language and direction regarding long-term care planning, asset protection in the event of expensive nursing home care, and provide trusted loved ones with the legal authority to make financial and medical decisions. Because of the possibility of incapacity, it is prudent to seek a qualified Elder Law Attorney to prepare these critical estate planning legal documents. Our office is uniquely qualified to assist our clients through this process, and we hope to assist you and your family.
For an appointment, please contact the McNamara Law Firm at 661-287-3260, or visit www.themcnamaralawfirm.com.