Jones, Wolf & Kapasi, LLC Managing Partner, Joseph Jones, was quoted today on MONEY Magazine's website regarding the famed musician, Prince, allegedly dying without a will.
On the importance of every individual having an estate plan, Joe stated: “I think everybody, regardless of the size of your estate, should have a will or at least a basic estate plan, so you can have some kind of control over what’s going on”. In addition, Joe added: “Not all of your assets pass through your last will and testament. Your last will and testament deals with passing of assets that aren’t otherwise passing through another method, such as a contract or by operation of law.” As an example regarding Prince, Joe further added: “If he had a bank account with a ‘paid on death beneficiary,’ then it would automatically go to [them] regardless of what the intestacy rules say.”
Finally, on the issue of Prince's potential beneficiaries and the size of Prince's estate, Joe was quoted as saying: “I would be curious as to whether any undisclosed children pop up. Or anybody coming forth—mistresses with agreements saying, ‘he promised to support me and here’s a written document'...You’d be amazed how many people who are rich and famous aren’t really rich because they owe as much or more as they actually own.”
You can read the entire MONEY Magazine article here: http://time.com/money/4308204/prince-dies-without-will/
For more information about Jones, Wolf & Kapasi, LLC, and our Estate Planning practice, you are invited to connect with us at: legaljones.com; https://www.linkedin.com/company/jones-wolf-&-kapasi-llc or @JonesWolfKapasi.