Prince’s death is now being overshadowed by his apparent lack of a will. Prince’s sister filed a Petition for the Appointment of Special Administrator for the artist’s estate stating she had no knowledge of a will and no reason to believe Prince had one.
The absence of estate planning means Prince’s estate could be embroiled in legal disputes for years to come. Proper estate planning not only minimizes tax liability, but also ensures the decedent’s wishes are carried out.
Having a proper will and estate plan determines what will happen with your assets and property when you die and planning for tax implications. Estate planning strategies can help ensure those goals are met in a fair and sensible manner and at the same time minimize tax liabilities. Without a plan, an already difficult decision for your loved ones can be even worse.
A plan should include consideration for a health care directive and a power of attorney.
For more information about estate planning, wills, health care directives, and power of attorney, please contact Steve H. Fink or Paul T. Moosbrugger at 507-625-2525.