Following the tragic death of Prince at the age of 57, the AP are reporting that the legendary musician did not have a will. As a result, his sister, and only surviving sibling, has filed for a “Petition for Formal Appointment of Special Administrator” in order to manage Prince’s estate and on going business affairs.
We speak to clients all the time who have not created a will or Power of Attorney and we often hear the same reasons for waiting: “I’m too young for a will”, “We’re planning on getting around to that” or, “We don’t have enough money or property to manage”.
It is very common and understandable to want to avoid the contemplating of death. However, Wills andPowers of Attorney aren’t about death or dying – they are about taking care of your family and loved ones who will survive you. These important legal documents can help them manage an already difficult situation.
Most of us never anticipate dying, but it can happen and when it does our families are often left with the burden of managing our affairs. As for Prince? There’s no doubt that his musical legacy will survive for decades to come. However, his sudden and early passing is a reminder of why it’s so important to prepare for the unexpected.