Many people in Austin may fall into the trap of thinking that estate planning is something that they only need to concern themselves with as they approach their elder years. While it is true that, in general, younger people have lower mortality rates, no one ultimately knows when they are going to die (and by extension, when they will need to have a will prepared).
The problem of adults of any age not having a will is that it presents two challenges: how to disburse their estates should they suffer an untimely death and how to help those identified as potential beneficiaries prepare to deal with what may come to them.
Death of potential Prince beneficiary introduces new chaos into case
Both of these issues are on display in the ongoing administration of the estate of the late singing icon Prince. The singer died unexpectedly in 2016, without having prepared a will. This prompted a lengthy legal battle over who might inherit his assets, which a judge ultimately decided to split between his sister and a handful of half-siblings.
The recent death of one of these half-siblings brings new complexities to the case. The man (whose mother was also the mother of Prince) allegedly sold 90% of his pending inheritance to an entertainment consultant the day prior to his own death. The entertainment consultant filed a will on behalf of the man appointing himself as the estate’s executor. He subsequently stepped down from the role, which passed to the attorney who coincidentally helped broker the sale of the man’s interest in Prince’s estate. The man’s family members claim he had no ties to either of these people prior to news breaking of his inheritance.
Managing a complex process
This case demonstrates just how complex the estate administration process can be. These complexities might be better managed with the help of an experienced attorney.