Amongst the many news stories last month there was one in particular which certainly saddened many people around the world – the passing of musical legend, Prince.
He was a musician who considered every aspect of his work and was particularly meticulous in terms of distribution and while the news of his passing certainly shocked the world, what is also surprising is that Prince had no Will, or at least no known Will, this brings an uncertainty as to who will inherit his estate.
As is protocol in the state of Minnesota, his siblings should divide his assets equally, but with such a large estate with so much to share and uncertainty about future royalty income, the process may be somewhat more complicated.
Similarly in Scotland, if you do not make a Will your estate will be handled in accordance with the law of succession, further demonstration of the importance about making these decisions now.
With a fortune estimated to be worth hundreds of millions, Prince’s siblings attended the first hearing this past Monday, but with no Will to refer to, this initial meeting lasted less than 15 minutes. With the search for any existing Will continuing and an executor yet to be appointed, there is a strong possibility that this process could take years to complete.
As a musician, Prince built an impressive portfolio and career and his current assets are estimated to be in excess of $150 million, with his siblings, who are the main beneficiaries set to potentially inherit a small fortune each. Furthermore, future royalty earnings from his music and image rights also have to be taken into account when deciding who gets what. However, the absence of a Will, will certainly delay the division of his assets.
In Prince’s case, the court now needs to appoint an executor whose job is all the more difficult in the absence of a verified Will, it would have been much simpler had Prince appointed someone he trusted to look after the division of the estate.
Appointing an executor needn’t be a long and drawn out process; however, the role is of great significance and and careful consideration should be placed on who you appoint, after all, they will be responsible for ensuring the wishes expressed in your Will are carried out the way you wish.
The musician’s assets include property, studios and musical royalties and while this particular situation may be somewhat more complex than most, making a Will is certainly very important, not only to public figures, but to anybody with any assets – no matter how small.
Contact Walker Laird today and we can help you with our Will Writing service at either our Paisley office, or our Renfrew office.
Paisley: 0141 887 5271
Renfrew: 0141 886 5678