Death Without A Will - What Happens?

Scott McEachern |
Categories
Estate Planning

The recent death of pop icon Prince brings to the forefront the need to have all of your financial affairs in order. Obviously no one ever wants to think about their own death, but when we see situations like this, it just breaks our hearts. Prince was worth millions and supported many charitable causes through his lifetime, but he died without a will.

What does this mean for Prince's estate?

  • His estate will be liquidated
  • Beneficiaries will receive a reduced value for his assets
  • More taxes will have to be paid
  • There will be large expenses to settle the estate
  • Distribution will paid out according to intestacy statutes of the state he lived in

The bottom line is that the charities he loved so much will likely receive nothing. Clearly this wasn’t his plan, but failing to plan is what causes all the issues in the first place.

At what point should you have a will implemented or updated?

If you:

  • Own property
  • Get married
  • Have a child
  • Have a spouse pass away
  • If you want something to go to someone

There are many, many more reasons, but these are the most common ones. If you don’t have a will currently in place, there are a few lawyers in the area that we can recommend to help draw up a will and ensure your assets and estate is settled the way you want it to be.