Tag Archives: intestate

Why didn’t Prince have a will?

PrinceThat’s a question that we’ll never know the answer to.  If he was like more than half of the people in this country, he just hadn’t gotten around to writing one, didn’t think he needed a will or didn’t care what happened to his estate once he was gone.  Regardless of his reason, the fact remains that he didn’t have a will and the probate court will decide what happens to all of his assets.

Minnesota law is quite clear.  If a person dies intestate (without a will), the estate goes to his children, grandchildren, spouse or parents.  Since Prince had no children, grandchildren or spouse and his parents are deceased, his entire estate will go to his brothers and sisters.  Prince had six half-brothers and half-sisters as well as a full sister, Tyka Nelson.  In Minnesota, half siblings are considered to have the same inheritance rights as those who are full siblings.

To muddy the waters, hundreds of people have come forward and said they were relatives of Prince.  In addition, a Minnesota man in his 30’s has said that he’s Prince’s son as a result of a relationship between the deceased and his mother in the 1980’s.

Prince’s estate has been estimated at between $150 and $300 million.  In addition to real estate and money, there are several unpublished works and a lot of unreleased music that can be worth millions.

Something that hasn’t been discussed in any of the articles we’ve read is Prince’s digital estate.  He kept many unpublished works in a vault bank but what if he kept others in an electronic account?  What if there is a will but it is stored in Drop Box or some other online storage facility?  Unless he left instructions or provided someone with a list of his digital accounts and their passwords, we may never know the full extent of his assets and their value.

Whatever the final disposition of Prince’s estate – who receives what based on Minnesota probate law – and its final value, there are two lessons we should all learn from this.

  1.  See an attorney and get a will prepared.  Even if you don’t have the kind of assets Prince had, it’s still a very important thing to do.  Don’t let state statutes determine what happens to your estate.  You decide.
  2. Document your wishes related to your digital assets.  Do you want anyone to see what’s in your private emails or do you want them destroyed?  Do you want your Facebook account shut down or do you want it to be memorialized and continue?  What do you want to happen to your Bitcoin account?  What are your logons and passwords for accounts that have financial implications?

Don’t wait.  You don’t know what will happen tomorrow or how long you’ll be on this earth.  Get your legal paperwork in order now.

To find out more information about estate planning, go to our website www.diesmart.com.  To find out more about digital estates, check out our book, Access Denied: Why your passwords are now just as important as your will.

10 Tips A Funeral Home Won’t Tell You

adjectivesIn the past, we have written a lot about planning a funeral, the prepayment option and hints to save money. We recently came across a blog from urnsonline.com that we want to share with you. Click here to see what it says. The ideas are excellent ones and convey suggestions that you probably aren’t familiar with. Take a few minutes to read the blog, even if you’re not planning a funeral right now.   The tips will come in handy when you do.

For further information about funeral planning, go to www.diesmart.com.

Don’t bury your head in the sand!

So you donbury head in the sand’t think you need a will?

Don’t bury your head in the sand like more than half of all Americans.  That’s the percentage of people who don’t have a will…and probably don’t think they need one.

Maybe you think you don’t have enough assets to make it worthwhile.  Perhaps you think your spouse will automatically get everything.  Or you know your children will do what’s right so you don’t have to worry about it.

Do you know who actually decides who gets what when you die if you don’t have a will?  It’s the government!  Yes, every state has laws that determine who will inherit your things if you die intestate (without a will).  Your spouse and children will have no choice and will not be part of the process.  In some states, it’s simple.  Your spouse gets everything.  In others, your spouse splits the estate with your children.  If you aren’t married or don’t have children, your parents or siblings may be the ones who get it all.  You may not want your siblings to get anything or, perhaps, you don’t want your parents to inherit.  Maybe you’d prefer that the bulk of your estate goes to charity.  Whatever your wishes, without a will, they won’t be carried out.

It’s very easy to draw up a simple will.  There are many templates on the web or forms you can fill out for less than $100.  If you have a complex estate and need to sit down with an attorney, it will cost more.  However, for less than $100, you have no excuse.

Get a will drawn up today.  Don’t let the government make the decision for you.  You decide who inherits what when you die.

For more information about wills, go to diesmart.com.

Another actor did it wrong. Do you have your plans in place?

Julie Garber, in her weekly blog, wrote about another person who did it wrong.  When actor Paul Walker died in a terrible car crash on November 30th, 2013, he left an estate estimated to be worth at least $45 million.  However, he had done no estate planning and left no will.  He was only 40 years old and probably thought he had plenty of time to get his affairs in order.  His parents, ex-wife and girl friend of seven years are now fighting over who should inherit.

According to California intestate laws, the entire estate should be inherited by his daughter, Meadow.  Since she is only 15, someone needs to be responsible for managing to estate until she turns 18.  Her mother is her guardian but is not necessarily the one who will control the money on her behalf.  Since her parents believe they should manage the estate, the case will have to go to probate court.

And what about his long term girlfriend, Jasmine?  She won’t see a penny.

Have you done estate planning?  Is all of your paperwork in order?  Or are you, like Paul Walker, leaving a mess for  your loved ones?

For more information about estate planning, go to www.diesmart.com.

Stieg Larsson died with no will

Stieg Larsson, the man who wrote the milenium trilogy including the novel, The Girl with the Dragon Tattoo, died suddenly in 2004 at the age of 50. At the time of his death, he was not yet famous and he was living modestly with his partner, Eva Gabrielsson. In fact, they had been living together in Sweden for 32 years.

Larsson spent his career investigating rightwing extremism and received many death threats. He feared that getting married would make them an even bigger target. Despite that, he and Eva finally set a date for the ceremony but Larsson died before it could take place.

The couple had talked about setting up a company in which the two of them would share all of their assets as well as any money earned for writing books and articles. The company would provide that if one of them died, the other one would get everything. Because of this plan, Larsson felt that a will would be unnecessary and so never prepared one. But the company was not set up before Larsson’s death.

Sweden has no provision in their law for inheritance by common-law spouses so when Larsson died without a will, his brother and father inherited everything he owned, including the rights to his books and the profits that the 50 million copies sold made.

In 2007, the family gave Gabrielsson ownership of the modest apartment in which she and Larsson had lived and offered her $2.75 million. She turned down the offer because she wants control of the estate so she can manage the handling of the books, including movie and other publication rights. There is a partial manuscript for a 4th book in the series; since she supposedly helped Larsson write the trilogy and the manuscript is in her possession, she could finish the novel but she refuses to hand it over to Larsson’s family.

If only Larsson had written a will, settlement of the estate could have been handled smoothly and in a timely manner. Instead, in 2012 (more than 8 years later), the dispute is still going on.

Don’t put yourself in this position. Make sure you have a will so your estate will go to the person you want it to….not the one the government dictates. For more information about this topic, go to diesmart.com.