chat icon

612-308-7763
info@gallatin-law.com

5665 147th St. N.
Hugo, MN 55038

 

Prince's Passing Poses Probate Problems


A music icon passed away, conjuring up memories of great music and questionable clothing choices (think Super Bowl halftime performance).  With the conclusion of his corporal existence came a startling disclosure:  Prince died intestate.  That is, despite an estimated cumulative value of $49,000,000, Prince failed to spend a couple thousand dollars on a will.




The consequences are already extraordinary.  With up to 6 beneficiaries, an apparently unorganized or hidden set of financial records, and no will or trust, a prominent Minneapolis firm where partners charge $550 or more per hour has been engaged and a request for a third-party personal representative has been requested.  I expect the third-party personal representative will charge upwards of $200 per hour.  With years of probate proceedings coming down the pike, the probating of Prince's estate will cost, I conservatively estimate, $300,000.00.


I appreciate the former symbol had an independent streak and liked to control his own business affairs.  The point of estate planning is to assert that control while you can ---- while you're alive! 


Very few estates are as large or valuable as Prince's.  But, the importance to you and your estate of saving $3,000 on a probate proceeding  for the comparatively minor cost of a will may mean even more to your beneficiaries than $300,000 may mean to Prince's beneficiaries.  


The material contained herein is provided for informational purposes only and is not legal advice, nor is it a substitute for obtaining legal advice from an attorney. Each situation is unique, and you should not act or rely on any information contained herein without seeking the advice of an experienced attorney.

Comments

Security Check
Please enter the text below
CaptchaImage
Can't read text above? Try another text.

Dan has handled formation of international corporations through single member LLC’s looking to invoke all the corporate protections enjoyed by the most complex companies in the world.

 

More Info

Estate planning can be the most rewarding and emotionally challenging legal endeavor for any client. Dan carefully assists clients persevere through their estate planning process.

 

More Info

No two litigations are alike. The rules may not change, but the facts, client goal, and resolution options are never the same.

 

More Info

Dan has extensive experience representing and helping real estate buyers, sellers, agents, and business clients weave through the maze of residential real estate and commercial transactions.

 

More Info