Prince’s passing has cause a massive amount of media speculation about the division of his estate. A will has not been found yet and it is becoming increasingly likely that the music legend died intestate. His estate is probably going to have to be divided up under Minnesota intestacy laws. High profile entertainers like Prince face unique estate planning issues. The Prince estate will likely go through an ongoing process of battles in probate court and the media is going to widely report on it. “Implementing estate plans which use revocable (and irrevocable) trusts can help maintain privacy because upon death their terms rarely become public record.” It is important for everyone, but especially high profile celebrities, to seek out the expertise of a competent estate planning professional for personalized estate planning assistance.
See Rob Hazard, Estate Planning Issues For Entertainers, Estate Of Mind, May 4, 2016.
