Were you surprised that multi-millionaire pop-star Prince died without a will? He’s not the only one!

Sadly, the legal issue that Prince’s potential heirs are facing is pretty common and it’s becoming an even more tangled web as relatives come out of the woodwork. Without a will, whoever can prove to be the next-of-kin is entitled to his fortune. And unfortunately this family drama will likely damage relationships over the lack of clarity as the estimated $300 million estate is divided.Were you surprised that multi-millionaire pop-star Prince died without a will? He’s not the only one!

We may not have an estate the size of Prince but LexisNexis reports that about 55 percent of American adults do not have a will. While it may not seem like a big deal to die without our estate in some kind of order, it makes a real mess for those who are left behind.

I like to say that if you don’t have a will, the government has one for you!

And the probate process is pricey! A prominent estate planning law firm estimates that probate costs grieving family members $2 billion annually with $1.5 billion of that going to attorneys; that’s 75%! As you can see, it pays to make a plan – unless you like attorneys’ fees.

For someone like Prince, whose business will continue to make money, a trust can be better than a will to manage those monies on an on-going basis. In fact, assets owned by a trust do not go through the probate process, which takes money out of an estate.

Proverbs 13:22 says, “A good man leaves an inheritance to his grandchildren, but the sinner's wealth is stored up for the righteous.”

A will doesn’t have to be expensive, but if you draw up something yourself, please have an attorney to review it to ensure that you haven’t created a costly problem for your family. Ready or NOT, taxes on your estate will be due about 6 months after death.

Check out Crown’s advice for developing a will and download a free Will Planning Kit. While you are at it, I also invite you to take the FREE MoneyLife assessment

 

Chuck Bentley is the CEO of Crown, the largest Christian financial ministry in the world, founded by the late, Larry Burkett. He is an author, host of My MoneyLife - a daily radio feature, and a frequent speaker on the topic of Biblical financial principles. Follow him on Twitter @chuckbentley and visit Crown.org for more help.

Chuck Bentley

Chuck BentleyFor over a decade, Chuck has traveled the world teaching biblical financial principles to the affluent, middle class, poor and ultra poor. As host of the daily national radio broadcast, My MoneyLife™, Chuck connects with all generations and inspires his audience with a strong scriptural emphasis.
Following in the footsteps of Crown’s cofounders, Howard Dayton and the late Larry Burkett, Chuck has assumed the mantle of a strategic organization, founded in 1976, that now reaches around the world with staff on every continent, a media presence throughout North and South America, and books and materials serving the spiritual and financial needs of all people, regardless of their economic condition. Crown’s outreach impacts individuals, families, churches, and businesses through the joyful, liberating biblical truth of making and managing money so that God’s purposes for one’s life can be fulfilled.
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A Prince without a Will

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