Are you interested in avoiding mistakes celebrities make in estate planning? The news is always full of stories of famous people who seemingly had it all- until that “all” wasn’t planned for properly. This leaves loved ones behind scrambling to figure out all the details after the famous person passes away.
Three years after his death, celebrity and music mogul, Prince, still has an unsettled estate. The $200 million inside the estate includes masters of his recordings and a Caribbean villa. The New York Post reports that the estate administrators and involved parties have already worked through $45 million of the estate. No known children were associated with Prince and no will was left behind.
Instead, a judge elected that six of Prince’s siblings would serve as his heirs. It is possible that the singer’s estate could remain tied up for as long as a decade. The failure to carry out appropriate estate planning often hits family members and loved ones the most when estate administrators, attorneys and professional accountants have to sort through information being left behind.
If you want to avoid this problem and ensure that your estate is appropriately protected, schedule a consultation today with an estate planning lawyer in Pasadena who is familiar with many of these common pitfalls and can have you work through a plan to avoid them.