Prince had a reputation of being hands on with his legal affairs, but why did he not execute a will? Learning from Prince’s misfortune will allow people to understand the benefits planning for your estate provides.
When you die without a will, your assets will pass through intestate succession, which can become complicated and expensive. Further, if you die intestate, your assets become public, which can be burdensome for celebrities, like Prince. Dying intestate does not allow you to allocate your assets in the best way you feel fit, making it important to plan ahead for your estate. Without a well-executed estate plan, you may just end up like Prince with numerous people fighting over your estate.