There are many different estates that make the headlines for poor reasons and Prince was no different. Failing to engage in appropriate estate planning can lead to increased potential for conflicts and confusion with your family members. High net worth individuals and those in the public eye may face further scrutiny if they fail to engage in appropriate estate planning.
With unique considerations although they may require a special approach for their comprehensive estate planning, the lack of planning overall is an important lesson for people of any wealth bracket to note.
A lifetime of work was left behind by Prince when he passed away in April 2016. A vault of unreleased songs and bestselling albums were included in the discography to his estate. The estate, however, has run into some challenges after negotiating a few different licensing deals. Potential conflicts with Warner Bros. led to $31 million deal with Universal Music Group to be rescinded. A second special administrator was recently appointed to the case to determine whether or not anyone should be held accountable for the UMG cancellation. If you have questions about how to approach your individual estate planning process, consulting with an experienced attorney as soon as possible is strongly recommended.
