PRINCE HAD NO WILL – WHAT HAPPENS NOW?
We have all been following the recent events surrounding the death of Prince in April. It is most unfortunate that his death has brought with it an incredibly stressful and anxious time ahead for his family. As far as his family are aware Prince died without having made a will and this has left his family members in turmoil.
So who will inherit Prince’s wealth?
Prince has died ‘intestate’. He was married twice but divorced twice. He had no children. Prince had six surviving siblings, one full sibling and five half siblings. The intestacy rules in Minnisota state that his estate is to be divided between his surviving siblings. All of his siblings are treated equally under the law. On paper this shouldn’t cause too much difficulty, should it? There are six siblings and each sibling is entitled to an equal share. However, it might not turn out to be quite as simple as this. Reports have suggested that a meeting between some of the siblings last week ended with shouting.
The lack of a will brings with it ambiguity, what would Prince have wanted? Would he have wanted all of his siblings to inherit his wealth equally? Would there have been anyone else that he would have included? There are many unanswered questions.
Why should I have a will?
Having a will in place clearly identifies the intentions of the person who has died. A will allows your family to understand your wishes and ensures that they are carried out. A will allows you to state who you want to benefit from your estate. Without a will the rules of Intestacy apply and distant relatives may well end up inheriting a part of your estate, or in some circumstances all of it.
A will is vitally important to those who are not married. The rules of Intestacy offer no protection for co-habiting couples.
MTB can help
A will can be drawn up very easily. Here at MTB we offer a very simple will service and will ensure that it is as stress free as possible. We understand the emotional side of drawing up a will and some people just don’t like the thought of doing it. However, once our clients have signed their wills, most, if not all of them say:
“well that really wasn’t as bad as I thought”
“that’s another box ticked and one that should have been ticked long ago”
“we can’t believe we’ve waited this long to get these wills signed”.
If you don’t have a will in place and are interested in having one drawn up, please contact our estate planning department. We are only too happy to offer our advice and assistance and want to be able to give you that peace of mind in knowing that you’ve taken steps to ensuring your affairs are in order.
Contact us on 028 90 329801 or email@example.com