If you need further evidence of the importance of planning your estate, look at the estate of the late singer, Prince. When Prince died in April, it was reported that he did not have a will or trust for his estate which has been estimated to be worth more $200 million.
The special administrator handling Prince’s estate is requesting the court approve $2.3 million in legal fees incurred from July 1 through September 30. While Prince’s estate is extremely complex and no doubt involves significant legal and financial issues, it seems doubtful that Prince would have preferred his estate to be subject to a public and very expensive court proceeding.
If you haven’t yet planned your estate, the State of Michigan has a plan in store for you – and it may not be the one you desire. See an experienced attorney today to get your affairs in order.