When Prince died in 2016 the world lost an icon and amazing contributor to music and art. Unfortunately, it has come to light that the award-winning artist passed away without an estate plan. Considering all of Prince’s 12 properties, eight vehicles, fine art, unreleased music, and hoarded gold bars, it’s estimated his entire estate could be worth $300 million pre-tax. Prince didn’t have any stocks or bonds but he did have about $6 million spread across four companies. A Minnesota court judge on the issue said without the will the estate’s current status is “personal and corporate mayhem.” Comerica Bank & Trust—the company that took over the Bremer Trust’s duties to administer the “Purple Rain” singer’s estate earlier this year—is still appraising the total value of the estate and itemizing everything Prince owned.
Prince’s Minneapolis estate, Paisley Park Studios
The situation has created a tragic real world example of the infighting and conflict that can occur if passing away without a will; currently there are six potential heirs to Prince’s fortune including his sister and five other half-siblings.
Now, most Iowans aren’t going to have multiple gold bars sitting around and properties valued at over $25 million total, but that doesn’t make what assets and property you do have any less important. If you don’t have a will, it can cost your family and friends a lot of time, a lot of money, and indeed lots of anxiety and even heartache. Here are four reasons you need a will.
Without a will, probate courts and the Iowa Legislature decide everything about your estate.
If you die without a will, you are leaving it up to the legislature/courts to decide who will receive your property. Or possibly even who will get to raise your children!
Without a will, you cannot choose a guardian for your children.
After Prince died multiple claims were put forth about potential biological and adopted children. Whether or not those claims are true, you likely do know who your children are and if you die without a will, the courts will choose guardians for your children. One of the most important aspects of a will is that it allows you to designate who will be the guardian for your children. This can ensure that your children are cared for by the person that you want, not who the court chooses for you.
Without a will, the probate court will choose your estate’s executor.
If you die without a will, the probate court is forced to name an executor. The executor of your estate handles tasks like paying your creditors and distributing the rest of your assets to your heirs. Of course, if the probate court has to pick who will be your estate’s executor, there is always a possibility that you would not have approved of that person if you had been alive.
If you have a will, it will name an executor who will carry out all of your final wishes, pay your bills, and distribute your assets just as you wanted.
Without a will, you can’t give your favorite nonprofits gifts from your estate.
Prince was a resident of Minnesota, and each state has different matters regarding intestate succession (dying without a valid will). If you die without a will, your estate assets—your house, savings, life insurance, trusts—will pass to your heirs under Iowa’s statute. But, if you have a will, you can include gifts to your favorite nonprofits and see that they are helped for many years to come. Prince may have wanted to give to charities given his track record while living. He gave to Black Lives Matter, Harlem Children’s Zone, and National Public Radio. Prince was actively engaged with #YesWeCode, an initiative to train black children for good jobs in the tech industry. He gave more than $1.5 million over just two years to Love 4 One Another Charities Tour and supported an environmentalist group working to fight climate change and grown green jobs among other initiatives, Green For All. Regrettably, without an estate plan Prince didn’t have a chance to support these charities through his estate in the event of his death.
https://www.gordonfischerlawfirm.com/wp-content/uploads/2017/04/princegraphicnewkstp.jpg360640Gordon Fischerhttps://www.gordonfischerlawfirm.com/wp-content/uploads/2017/05/GFLF-logo-300x141.pngGordon Fischer2017-04-08 10:57:002020-05-18 11:28:58Prince Died Without a Will: 4 Reasons YOU Need an Estate Plan
The April 2017 issue of The Iowa Lawyer is out and I’m proud to say my article, “How can you give more to your favorite charity? Consider gifts of stock!” is included. Scroll to page 11 for info that’s helpful on taxes, just in time for Tax Day.
The Iowa Lawyer magazine is The Iowa State Bar Association’s official publication. The magazine features information on legal developments, legislative news, bar history, views from the bench, profiles of legal community leaders, and ISBA events.
Any questions after reading? Feel free to contact me any time to discuss how to maximize the potential of appreciated, long-term, publicly-traded stock. I offer a one-hour free consultation, without any obligation. I can be reached any time at my email, gordon@gordonfischerlawfirm.com, or by phone at 515-371-6077.
Let’s be honest, the topic of estate planning can be a little, well, dry. Every lawyer, financial advisor, real estate agent, and the like will encourage you to have a quality estate plan professionally drafted, but it tends to be one of those things you’ll get to eventually. Life happens, work piles up, your to-do list grows longer and deciding what you want done with your remains after you die seems like a worry for another day. But, once in a great while a story comes up where the topic of estate planning is so necessary and uniquely integrated that it’s hard to ignore—cue the buzz-worthy podcast, S-Town. The podcast broke a record with 10 million downloads in four days, so don’t just take my word for it.
Caution: A few spoilers ahead
If you haven’t listened to S-Town and don’t want to know ANY details of what unfolds, stop reading now. Go listen and then come back to read how S-Town exemplifies some of the key reasons you need a will ASAP.
The highly bingeable story from Serial Productions (masterminded by the producers at This American Life and Serial), takes place in a small town in Alabama. As This American Life producer Brian Reed dives into what appears to be a true crime story, in line with the first season of Serial, the tale takes an unexpected twist following an unanticipated death.
Brian Reed, S-Town
The person who passed away didn’t have an estate plan. At first this may not seem like a big deal, but without a last will and testament, the individual’s death left a wake of conflict and confusion. Without an estate plan, a mother with dementia is left without defined care and guardianship; 13 dogs are left without a pet trust to declare who will care for them; property is fought over; a felony charge is issued; a religious funeral is held despite the deceased’s atheism; a house and land are sold, likely against the wishes of the individual if they had been alive; an immaculate, amazing garden maze will be destroyed; and because the deceased was “unbanked” there were no cash assets to pay for a funeral and other important costs. This person had verbally told some people what he wanted them to have in terms of property and monetary assets, but there was no written record, and such hearsay doesn’t hold up in a probate court.
S-Town is not only an example of excellent storytelling, but also a real world example of what can happen when someone dies without putting in place clear directions and wishes for property, cash and non-cash assets, pets, health care, and final disposition. You don’t want your family and friends to fight, press charges, and dig up your property in search of gold when you die. So, there’s no day like today to have your estate plan drawn up.
Already have an estate plan? Good. It’s probably time you reviewed and updated it.
Feel free to contact me any time to discuss further how to start an estate plan. I offer a one-hour free consultation, without any obligation. I can be reached any time at my email, gordon@gordonfischerlawfirm.com, or on my cell, 515-371-6077.
https://www.gordonfischerlawfirm.com/wp-content/uploads/2017/04/s-town.jpg8001200Gordon Fischerhttps://www.gordonfischerlawfirm.com/wp-content/uploads/2017/05/GFLF-logo-300x141.pngGordon Fischer2017-04-06 22:00:522020-05-18 11:28:58S-Town and the Case for an Estate Plan
Prince Died Without a Will: 4 Reasons YOU Need an Estate Plan
Charitable Giving, Estates & Estate Planning, WillsWhen Prince died in 2016 the world lost an icon and amazing contributor to music and art. Unfortunately, it has come to light that the award-winning artist passed away without an estate plan. Considering all of Prince’s 12 properties, eight vehicles, fine art, unreleased music, and hoarded gold bars, it’s estimated his entire estate could be worth $300 million pre-tax. Prince didn’t have any stocks or bonds but he did have about $6 million spread across four companies. A Minnesota court judge on the issue said without the will the estate’s current status is “personal and corporate mayhem.” Comerica Bank & Trust—the company that took over the Bremer Trust’s duties to administer the “Purple Rain” singer’s estate earlier this year—is still appraising the total value of the estate and itemizing everything Prince owned.
Prince’s Minneapolis estate, Paisley Park Studios
The situation has created a tragic real world example of the infighting and conflict that can occur if passing away without a will; currently there are six potential heirs to Prince’s fortune including his sister and five other half-siblings.
Now, most Iowans aren’t going to have multiple gold bars sitting around and properties valued at over $25 million total, but that doesn’t make what assets and property you do have any less important. If you don’t have a will, it can cost your family and friends a lot of time, a lot of money, and indeed lots of anxiety and even heartache. Here are four reasons you need a will.
If you die without a will, you are leaving it up to the legislature/courts to decide who will receive your property. Or possibly even who will get to raise your children!
After Prince died multiple claims were put forth about potential biological and adopted children. Whether or not those claims are true, you likely do know who your children are and if you die without a will, the courts will choose guardians for your children. One of the most important aspects of a will is that it allows you to designate who will be the guardian for your children. This can ensure that your children are cared for by the person that you want, not who the court chooses for you.
If you die without a will, the probate court is forced to name an executor. The executor of your estate handles tasks like paying your creditors and distributing the rest of your assets to your heirs. Of course, if the probate court has to pick who will be your estate’s executor, there is always a possibility that you would not have approved of that person if you had been alive.
If you have a will, it will name an executor who will carry out all of your final wishes, pay your bills, and distribute your assets just as you wanted.
Prince was a resident of Minnesota, and each state has different matters regarding intestate succession (dying without a valid will). If you die without a will, your estate assets—your house, savings, life insurance, trusts—will pass to your heirs under Iowa’s statute. But, if you have a will, you can include gifts to your favorite nonprofits and see that they are helped for many years to come. Prince may have wanted to give to charities given his track record while living. He gave to Black Lives Matter, Harlem Children’s Zone, and National Public Radio. Prince was actively engaged with #YesWeCode, an initiative to train black children for good jobs in the tech industry. He gave more than $1.5 million over just two years to Love 4 One Another Charities Tour and supported an environmentalist group working to fight climate change and grown green jobs among other initiatives, Green For All. Regrettably, without an estate plan Prince didn’t have a chance to support these charities through his estate in the event of his death.
April 2017 Edition of The Iowa Lawyer
Charitable Giving, From Gordon's Desk...The April 2017 issue of The Iowa Lawyer is out and I’m proud to say my article, “How can you give more to your favorite charity? Consider gifts of stock!” is included. Scroll to page 11 for info that’s helpful on taxes, just in time for Tax Day.
The Iowa Lawyer magazine is The Iowa State Bar Association’s official publication. The magazine features information on legal developments, legislative news, bar history, views from the bench, profiles of legal community leaders, and ISBA events.
Any questions after reading? Feel free to contact me any time to discuss how to maximize the potential of appreciated, long-term, publicly-traded stock. I offer a one-hour free consultation, without any obligation. I can be reached any time at my email, gordon@gordonfischerlawfirm.com, or by phone at 515-371-6077.
S-Town and the Case for an Estate Plan
Estates & Estate Planning, Powers of Attorney, WillsLet’s be honest, the topic of estate planning can be a little, well, dry. Every lawyer, financial advisor, real estate agent, and the like will encourage you to have a quality estate plan professionally drafted, but it tends to be one of those things you’ll get to eventually. Life happens, work piles up, your to-do list grows longer and deciding what you want done with your remains after you die seems like a worry for another day. But, once in a great while a story comes up where the topic of estate planning is so necessary and uniquely integrated that it’s hard to ignore—cue the buzz-worthy podcast, S-Town. The podcast broke a record with 10 million downloads in four days, so don’t just take my word for it.
Caution: A few spoilers ahead
If you haven’t listened to S-Town and don’t want to know ANY details of what unfolds, stop reading now. Go listen and then come back to read how S-Town exemplifies some of the key reasons you need a will ASAP.
The highly bingeable story from Serial Productions (masterminded by the producers at This American Life and Serial), takes place in a small town in Alabama. As This American Life producer Brian Reed dives into what appears to be a true crime story, in line with the first season of Serial, the tale takes an unexpected twist following an unanticipated death.
Brian Reed, S-Town
The person who passed away didn’t have an estate plan. At first this may not seem like a big deal, but without a last will and testament, the individual’s death left a wake of conflict and confusion. Without an estate plan, a mother with dementia is left without defined care and guardianship; 13 dogs are left without a pet trust to declare who will care for them; property is fought over; a felony charge is issued; a religious funeral is held despite the deceased’s atheism; a house and land are sold, likely against the wishes of the individual if they had been alive; an immaculate, amazing garden maze will be destroyed; and because the deceased was “unbanked” there were no cash assets to pay for a funeral and other important costs. This person had verbally told some people what he wanted them to have in terms of property and monetary assets, but there was no written record, and such hearsay doesn’t hold up in a probate court.
S-Town is not only an example of excellent storytelling, but also a real world example of what can happen when someone dies without putting in place clear directions and wishes for property, cash and non-cash assets, pets, health care, and final disposition. You don’t want your family and friends to fight, press charges, and dig up your property in search of gold when you die. So, there’s no day like today to have your estate plan drawn up.
A good place to start is with my obligation-free Estate Plan Questionnaire.
Already have an estate plan? Good. It’s probably time you reviewed and updated it.
Feel free to contact me any time to discuss further how to start an estate plan. I offer a one-hour free consultation, without any obligation. I can be reached any time at my email, gordon@gordonfischerlawfirm.com, or on my cell, 515-371-6077.