+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

Prince's death highlights an important point about estate planning

Apr 29, 2016, 01:04 IST

U.S. musician Prince performs at the Hop Farm Festival near Paddock WoodThomson Reuters

Advertisement

A judge recently confirmed that Prince did not have a will at the time of his death.

That could mean a potentially "messy" future for the musician's $250 million estate.

Sure, most of us do not have a net worth valued at $250 million - but estate planning isn't just important for Prince and other high earners.

"Everybody, when you get to a certain point in your life, should have an estate plan," emphasizes David T. DuFault, estate planning and business law attorney at Sodoma Law. In his experience working with clients, "A lot of people are unprepared. Either they don't have a plan, or they have a plan, but haven't looked at it in 20 years."

Advertisement

To help you get started, we've highlighted a few important things to know about drafting a will and creating an estate plan.

Mandi Woodruff contributed to this article.

You are subscribed to notifications!
Looks like you've blocked notifications!
Next Article