Exploring the Death of Prince and Why He Did Not Have a Will
The sudden passing of Prince in 2016 left the world stunned. As a beloved musician, philanthropist, and master of all musical genres, Prince was widely known and respected.
Prince was known for many accomplishments, including his musical genius, philanthropy, and financial acumen. Despite this, he did not have a will or any estate planning documents at the time of his death - leaving his $156M estate in limbo.
There are several underlying factors that could explain why someone as famous and wealthy as Prince would not have a will in place. In the ever-changing music and entertainment industry, it can be difficult to accurately assess one's finances in real time.
There is also the possibility that Prince's private nature meant he was less likely to share his financial information with others and thus did not see the need for legal documentation at the time before his death.
Furthermore, as wealth accumulates over time through royalties, investment gains, etc., it may be easier for celebrities to put off their estate planning until later years when their fortunes may have stabilized somewhat.
Ultimately, no one but Prince can know for sure why he chose not to create an estate plan before his untimely death.
Prince's estate effectively had one of the most complicated and expensive probate cases in the state of Minnesota.