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According to a report, Prince didn't have a will

It hasn't even been two weeks since the death of one of the greatest musicians of all time, Prince, and we're already hearing rumors of a major estate planning mistake on his part. Keep in mind that this isn't necessarily confirmed yet, though it seems like that it is true, given court statements made by Prince's sister.

It appears that Prince died without a will. If this statement turns out to be true, there would be an immense amount of wealth, assets and property that would have to be dealt with due to the lack of a will. Assuming there is no will, Prince's family will have to deal with some complex legal questions and situations in the months ahead.

This is one of the things that many people don't consider when they fail to put together a will. The ramifications for their family are tremendous. They can spend years fighting in court as they try to obtain the benefits and assets that they deem (often correctly) to be theirs. Those heirs and loved ones are left to wonder "did he or she mean to leave me something? If so, how much did he or she want me to have?"

Additionally, you may think that your estate will be handled "properly" even in the absence of a will, but that rarely is the case. Besides, why leave it up to chance? Why leave your estate in the hands of the courts and state laws? Get your last wishes down on paper, and make sure your will is compliant and legally proper. It will save your loved ones a lot of headaches and ensure that your final wishes are respected.

Source: Forbes, "Prince Made One Of The 4 Big Estate-Planning Mistakes," Danielle and Andrew Mayoras, April 27, 2016

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