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Proposed estate plan law named after Prince won't move forward

A couple of weeks ago, we wrote a post about Prince and the fact that he died without a will. Anyone who dies without a will passes away "intestate," which means their estate will be left to the state laws and courts that govern their estate.

Recently, a movement in the state of Minnesota was pushing for a new law called the PRINCE act (standing for Personal Rights In Names Can Endure). The proposed law, eponymously named after the deceased singer so closely associated with Minnesota, would have protected a person's name, image, voice and signature for 50 years after his or her death if they died without a will. Though it doesn't entirely relate to dying intestate, it does offer more protection to people who pass away without a will.

However, the proposed law was recently struck down as lawmakers were afraid they would enact something under a reactionary basis without fully contemplating the long-term effects of such a law being in place.

It is good to see that lawmakers are trying to improve estate planning laws, even though in this particular case it was specific to one state, and in addition it was a relatively particular law.

But it is a reminder that you have to rely on yourself, your family and your legal advisors to ensure that your estate plan is in a good place. Your assets, property and wealth need to be protected, and your estate plan can do that so long as you do everything correctly.

Source: Pitchfork, "Prince Act Pulled From Minnesota Legislature," Evan Minsker, May 18, 2016

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