Why Prince Didn't Have A Will
Every day, people pass away without wills, causing problems for their family members. Talent, fame, and wealth do not inoculate a person from the effects of intestacy, as can be seen in the situation with Prince, who, according to news reports, died without a will.
Intestacy is IntestacyWhether a person has a modest estate or, as in the case of Prince, a very sizeable estate, intestacy creates problems for surviving family members and, even more important, the estate may be distributed in ways that the person would never have intended.
The Right Time to Make a WillPrince didn't realize, of course, that he would die at age 57. By all accounts, he was intelligent and was meticulously focused on business issues. Thus, it is extremely doubtful that he never thought about a will. Rather, he likely figured that he had plenty of time to make a will.
The Effects of IntestacyIn Prince's case, as I understand it, he was not married and never had any children. Thus his siblings (and half-siblings) stand to inherit what may be hundreds of millions of dollars. Prince may have loved those half-siblings. Or he may not have loved them. I don't know. But I doubt that he intended to enrich them to the extent that now appears likely.
Wills Are Quick And EasyIf Prince wanted a will, I imagine it would have been quite expensive. That's because he had very substantial assets and, also, because his estate will not be closed out quickly. But for most of us, wills are cheap, quick, and easy. If you don't have a will, call an attorney today. You can probably have your will fully prepared by next week.