The world lost an amazing artist and icon in 2016 whose contributions to the world of music and art are too many to count. The award-winning artist, Prince, passed away five years ago which sent shockwaves throughout the world when it was discovered that he had no will or estate plan.
Prince’s estate was estimated at around $300 million before taxes and included 12 properties, fine art, unreleased music, eight vehicles, as well as more than 60 cold, hard bars of gold that alone were estimated at around $840,000.
It took the company administered his estate over a year to appraise everything to determine the total value of it. What followed the legendary “Purple Rain” singer’s death was utter chaos as his potential heirs resorted to battling it out for the largest chunk of the estate. The tragic real-world example of infighting and conflict due to a lack of a will marred Prince’s legacy and caused a lot of heartache among fans and loved ones alike.
If you don’t have a will, it can cost your loved ones a lot of anxiety, money, and time to sort out your estate and can lead to lengthy court proceedings.
Here are some key reasons why you need a will:
You Get To Decide What Happens To Your Estate
When a person dies without a will, the distribution of his assets is determined by the courts/legislature. The court can make all the important decisions on who gets what and which heirs will receive your property. The legal system also has the right to decide who will raise your children if you don’t have a will that clearly states your wishes for your estate and heirs.
You Can Choose A Guardian For Your Dependents
One of the claims that were put forward after Prince died was about his potential adopted and biological children. Whether or not those claims are based on facts and the truth, you are more likely to know who your children are and can refute or confirm any future claims. If you die without a will, the court also gets to appoint a guardian for your children. A will allows you to designate the guardian for your children who will care for them as per your wishes.
You Can Choose The Executor Of Your Will
The executor is the person who is appointed to carry out all the final wishes of the deceased person, such as distributing the assets and paying the bills. If you don’t have a will, the court has the right to appoint an executor, and it might be a person you wouldn’t have chosen if you were alive. By creating a will, you can entrust this huge responsibility to someone you trust, and you know for sure will respect your final wishes.
Exceptional Probate Real Estate Services In Los Angeles
Whether you’re buying or selling probate property in Los Angeles or want expert assistance to carry out your duties as an estate executor, John Matukas can help navigate the complex process of probate real estate. Get in touch with him today and discuss your needs with a certified probate real estate specialist!