Prince’s death highlights importance of estate planning

APTOPIX Obit Prince_381306

FILE – In this Feb. 18, 1985 file photo, Prince performs at the Forum in Inglewood, Calif. Prince, widely acclaimed as one of the most inventive and influential musicians of his era with hits including “Little Red Corvette,” ”Let’s Go Crazy” and “When Doves Cry,” was found dead at his home on Thursday, April 21, […]

SPRINGFIELD, Mass. (WWLP) – The death of music legend Prince has reminded many people of just how important having a will can be.

Prince died before creating a will, which means the state of Minnesota will give his multi-million dollar empire to his siblings.

Probate attorney Carol Klyman of Shatz, Shwartz, and Fentin told 22News that having a will is the difference between you deciding who gets your property when you die versus the state making that decision for you.

For example, if you were single when you passed away, your property would go to your parents.  If they are not alive, it could start getting messy, moving down the line from brothers and sisters to aunts and uncles, to cousins.

Klyman told 22News it’s even more concerning if you have kids.

“If you have children, you should have a will. Your will names who takes care of your property, and your will also can name the guardian of your child’s, or a conservator of your child’s property when you die,” Klyman said.

Klyman said dying without a will could tie up your assets and money in probate court for years.

She said wills typically cost around $500, and some lawyers even offer payment plans.

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