Prince’s six siblings have recently been ruled as the legal heirs to his $200 million estate after a year-long legal battle.
Having not made a will prior to his death in April 2016, Prince’s estate soon became the target of multiple claims from alleged relatives – 29 were rejected.
Property and music rights were among his assets, thought to be worth approximately $200 million. However, it’s predicted that a large portion of this will be taken up by tax.
Prince had no children or surviving parents but had been divorced twice.
Although it has recently been ruled that the singer’s siblings will receive his inheritance, it was also made clear in the judgement that they would not benefit from the estate immediately. The judge highlighted that the rejected heirs need be given time to appeal their status, meaning that the six siblings may need to wait up to a year before they receive their inheritance.
Although upsetting, cases like Prince’s draw attention to the importance of estate planning, as well what can happen where later life is not adequately planned for.
When issues concerning will-writing are highlighted within the media, it provides the perfect opportunity to engage with clients. People are far more likely to be interested in later life planning when the issue is brought to their attention, so it’s important to maximise the chance to connect with them and demonstrate how your business could help them.
