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Estate Planning Archives

Prince Died Without a Will: What Happens Now?

Over ten days has passed since the death of the legendary singer, Prince. The cause of death will not be released for weeks or even months. Yet one key detail has surfaced: the singer has very likely passed without a will. The keyword "likely" as a will has not yet been found. While there is still a small possibility a will could be discovered, it does not look likely. And if Prince did in fact die without a will, the legal battles are just beginning.

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.

Why avoiding probate is such a tremendous step

Imagine that you have a number of very important objects and you want to see them handled in a certain way. In your head, you know exactly how this process will play out, but since no on else knows this plan, it would be difficult for anyone to correctly guess what you would have wanted for those important objects if you weren't around to tell them. In fact, you would probably be upset if someone else made the decision for you, wouldn't you?

The Three Most Common Estate Planning Mistakes

There are many myths and misconceptions about estate planning. Some of these lead to estate planning mistakes. Being able to protect your assets and the future of your family is something that should be taken very seriously. Mistakes are not really something that can be afforded in creating an estate plan.

What rights do you have as a beneficiary or heir?

When a loved one dies, there will be a lot of questions about what his or her estate says, and what legal processes will be in place to transfer his or her assets and properties to their heirs and beneficiaries. We focus a lot of our attention on the person who makes the estate -- but what about the people who stand to benefit from the estate? What are there rights when an estate is executed?

Do you have a will? If not, it should be a priority

It is an uncomfortable thought to have, but it is one that we all must confront at some point in our life: the end. When we die, we want to know that our estate -- our legacy -- is ready and that it is properly handed off to the people that we designate. In order to make this happen, you will need a will to make your final wishes clear and to ensure that, legally, you are covered.

Top Five Reasons for Revising an Estate Plan

Suppose you actually have an estate plan in place. This already puts you ahead of the game, as you are in the minority amongst most Americans. According to a recently released survey, 51 percent of Americans between the ages of 55 to 64 do not even have a will. However, even if you did get that will or trust in place ten, four or even two years ago, this does not mean estate planning is finished for you. It is very important to maintain and revise your estate plan after certain life events.

Wealth, health and legacy: why estate plans are crucial

Estate planning isn't just about your wealth and assets. Your health and your legacy are a huge part of having an estate plan. Without such a plan in place, your medical wishes may not be properly conveyed to the right people, and the elements of your life that you want to be passed on to others may be lost without it being on paper.

Why Young Professionals Shouldn't Neglect Estate Planning

Millennials and young professionals are more wealth management savvy than people may think. According to Wealthfront, an investment management group, millennials (roughly all young people born in the 1980s) have control over an estimated $2 billion in liquid assets. While television, film and the media may portray millennials as college grads living in their parent's basements, this is far from the truth for many young professionals.

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