Bowie’s Last Gift and Prince’s Mistake
Two huge music stars have died in the last several months. David Bowie died in January, and Prince died in April. The difference between how these men’s deaths are being handled is staggering.
Bowie, who had been battling cancer, had provided a will that would divide his estate between his widow and his children. They were able to carry out his last wishes and focus on the grieving process.
Prince had reportedly been dealing with some health issues in recent years, but his death was still unexpected. He apparently had no estate plan or will. Prince’s relatives are now beginning what promises to be a years-long probate battle to determine the allocation of the star’s considerable fortune.
Prince has six siblings and more relatives are issuing claims on his fortune. Without a will and a clear estate plan, we’ll never know what Prince himself wanted to do with his fortune and his music library. Even now, so soon after his death, any news we see of Prince is not a loving remembrance, but a bitter reminder that his family are too busy fighting over his money to openly mourn his passing.
Whether you’re a celebrity, a wealthy business person, or someone with the desire to pass something on after you’re gone, you need to set up a will, so your wishes can be carried out without resorting to legal battles and years of probate court. Do this so your family, your friends and everyone whose lives you touched can mourn your passing and celebrate your life.
If your estate will likely take a while to settle, you can further protect your family by buying enough life insurance to cover their needs during the probate period. The proceeds of life insurance (generally) pass to beneficiaries with no estate or income taxes. For more information, please contact us.
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