The entire country was shaken last month when it was announced that famous singer Prince had died. People from all over the world enjoyed his music for decades and were heartbroken to learn that he had passed. Following the initial shock, the world learned that Prince also died without an estate plan.
This means that the courts are left to determine how the singer’s assets should be distributed now that he has passed. This is complicated by the fact that prince has a complex family tree including half brothers and sisters and a full-blooded sister. The courts are also struggling because there is not one account of all of the singer’s assets.
Now the court is left to try and find all the assets that belong to the singer and all potential heirs to the estate. As they do this, people are coming out of the woodwork claiming to be related to Prince. In order to help solve this problem, the court made it clear that DNA testing will be used to determine whether someone actually is related to the late singer.
It is likely to be a long and difficult process to distribute the assets of this very large estate. It could take many months or years before the process is complete. However, there is an easier way for families to ensure that their loved ones are taken care of following their deaths. This is through estate planning. With the correct estate plan in place, estate administration does not need to be this complicated.
While most people do not have the same types of assets that a famous artist does, people still have things that they want to leave to loved ones. With a will, trust or other estate planning tool this can easily be done in Michigan. People can make their desires, their assets and heirs known. With a little bit of estate planning, people can take some of the heartbreak away from their families following their deaths.
Source: CNN, “Possible Prince heirs may have to submit to DNA testing, judge rules,” Michael Pearson and Sara Sidner, May 16, 2016