Terrible to hear last week of the passing of Prince. Whether you liked his music or not there is no doubting his impact on the music industry. It is rumoured that he leaves behind a $300 million fortune to his Estate, but left no valid Will. Without his wishes being made legal there is no doubt there is a long and drawn out legal process ahead amongst his family members. Usually in these sorts of cases you find the solicitors representing the Estate and the family members end up with the lion’s share.
Do you have any debt, a spouse, kids, an ex-spouse or step-children? Whilst most of us don’t have $300 million to leave to our loved ones, it’s important to direct your Estate to where you want it to go and, in some case, where you specifically don’t want it to go. Many people don’t have a Will and if they do, most are not up-to-date. You may not think you have enough to worry about, but think about the current assets you have, your Superannuation and life insurance proceeds and you may be surprised.
Despite how morbid it may seem, review your whole Estate Plan regularly.