If you are like most people, you were shocked to learn that Prince died at age 57. He seemed so young, so vibrant, so alive.
He likely felt the same way about himself. Most of us do at that age. And so he made a terrible mistake. He assumed that getting his estate planning house in order was something he could put off until he was older. He focused on immediate day-to-day concerns, and failed to make time for something that was tremendously important.
Unfortunately, his family is already suffering the consequences. The reports of the inevitable fights among surviving family members have already surfaced. Because Prince didn’t have a Will or Living Trust in place, decisions on how things should be handled will likely be fought over for years to come. Not only will that cost his estate a lot of money in both taxes and legal fees, it will probably create tensions and conflicts within his family from which they may never heal or recover.
The lessons of Prince should be obvious, but unfortunately, they’re often ignored.
We’re all going to die sooner or later, and for some of us, it’s going to be sooner – perhaps much sooner than we would expect. If you don’t have your estate planning house in order yet, you need to get it done now. Just make it a priority, get started with the process, and get it done. You’ll be really glad you did. And the return on your investment, as measured by the peace of mind it will give you, will be immediate.
Estate Planning is the ultimate act of love for your family.
Do it for your family, for your loved ones. As we like to say, estate planning is the ultimate act of love for your family. If you give thoughtful consideration to the decisions that will need to be made and carried out when you die (or, as the case may be, during your lifetime incapacity), and commit that to writing in appropriate estate planning documents, you can expect that, when the time eventually comes, things will proceed smoothly and in accordance with your wishes. If not, well, just keep following the news accounts about Prince’s estate, and see how that goes.
For more on Wills, Living Trusts and Estate Planning, visit these articles:
- 91, 56, 80, 25, 25, 54, 95, 66, 94, 44, 91
- Common Estate Planning Mistake #4: Assuming that you can always change things later
- Wills, Living Trusts and Powers of Attorney: How often should they be updated?
Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (877)995-6876 or Contact Us and we will get in touch as soon as possible.