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Another Simple Lesson From the Estate of Prince Rogers Nelson - Estate Planning and Administration News

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Estate Planning and Administration News

Posted on: May 14, 2019

Intro by Steven R. Latterell, Ice Miller LLP

Not many estates have the financial magnitude and headline-grabbing storylines of rock and roll legend Prince Rogers Nelson’s estate. Yet, in some pretty simple respects, Prince’s estate is not so different than many other estates that estate planners deal with annually. In particular, his estate has highlighted the very simple precept that an estate without a will (and revocable trust) is likely to encounter confusion and additional costs through the administration process. A properly developed will and revocable trust that are coordinated with the testator’s assets can often avoid such unwanted results. In my experience, a decedent who avoided the estate planning process seems to ensure one thing – the decedent’s heirs will not do the same thing.

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