Figuring out how to pass on one's estate can seem like an impossible task. There are those who do not know where to start and others who just want to put it off because they believe it can wait. No one knows when their time will be up, though, so waiting could result in one's estate being placed in a state of limbo after his or her death -- such as in the Prince estate case. By not at least having beneficiaries listed anywhere, the administration of his estate is going to take quite some time. This is something that California residents can easily avoid.
Music icon Prince died April 21, 2016. He left behind a significant estate valued at approximately $200 million dollars. Who did he leave it to? No one.
Without an estate plan in place, numerous people have come forward claiming to be surviving family members of Prince in order to seek a share of his assets. A little over a year after this case was opened, a judge finally decided who has rights to his estate. According to a recent news report, Prince's six siblings will inherit his estate. After taxes, fees and legal costs, it is unclear how much they will actually have left to split between them. However, assets will not be distributed anytime soon, as those whose claims were rejected do have a year still to file any appeals.
There are no guarantees that one's estate will avoid probate and no specific timeline for how long it will take to close out an estate and transfer assets to beneficiaries. But, by not putting together an estate plan, it is likely that this process will take far longer than is necessary. In the matter of Prince's estate, this is something that will take years to resolve and it all could have been avoided had he created an estate plan or at least named beneficiaries. An experienced attorney can help California residents get their affairs in order so that when the time comes, the estate administration process can be completed swiftly and smoothly.
Source: ABC News, "Judge confirms Prince's 6 siblings as heirs to his estate", Amy Forliti, May 19, 2017