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By now, you have probably heard that the music icon Prince has died intestate, or without a will. You have probably also heard about the probate mess unfolding in Carver County, where Prince died. The mess involves multiple attorneys and multiple persons claiming to be heirs under the law, is going to end up being terribly expensive for Prince and everybody else involved, and illustrates why you need an estate plan.

For most people, an estate plan involves three documents:

(1.) a Will, which controls the disposition of your property after your death.

(2.) A Health Care Directive, which names someone – usually a close relative, such as a spouse, or a friend – as your health care agent, a person who is authorized to make health care decisions on your behalf if you are unable to make the decisions your self. For example, if you are in a coma and otherwise unconscious, the doctors can talk to your health care agent to make medical decisions related to your care.

(3.) A Power of Attorney, which lets the person who you appoint as power of attorney to make financial decisions for you in the event that you are unable to make those decisions for yourself. For example, if you are in a coma and otherwise unconscious, your power of attorney can make financial decisions (related to bank accounts, real estate, investments, etc.) for you.

There are two primary reasons why you should have an estate plan. First, you want the control that comes from having a written plan detailing how you want your property distributed at the time of your death. I believe that you will feel an immense feeling of satisfaction and relief once you have a written plan in place that says what you want to have happen to your personal property when you die. I also think that you will feel a profound sense of relief when you have a health care directive and power of attorney that gives somebody you trust the authority to make medical and financial decisions, respectively, on your behalf if you are unable to do so.

In Prince's case, I suspect that he would have needed a trust to manage and control his music. The details of a trust and setting one up are beyond the scope of this article, but you basically appoint somebody to manage your property in the event that you cannot. A trust can be a powerful estate planning tool, but it is probably not appropriate for most people.

The best way to determine what is right for you is to meet with an estate planning attorney. To that end, I invite you to give me a call at 763-450-9494 to discuss your specific situation. Everybody who calls gets a free 5 minute mini telephone consultation. An in person meeting is $250, and that amount is credited to your account when you retained me to represent you in drafting your Will, healthcare advance directive, power of attorney, and other estate planning documents.

WARNING: The information contained in this article does not constitute legal advice and may not be applicable to your situation.  Tim is licensed to practice law only in the state and federal courts of Minnesota, and the advice that he gives is applicable to that jurisdiction only. Further, reading this blog post does not create an attorney-client relationship between you and Baland Law Office, P.L.L.C.  You should always discuss your situation with an attorney before taking any action based on what you may read in this blog.  To that end, please call (763) 450-9494 to set up an appointment to discuss your situation.





 


Comments

That is well thoughtful information is here about the estate plan why that is important and how that will help their family after their death. The peoples who already make will before death their property delivered to the family members transfer to the relatives.

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10/10/2016 9:31am

That is well insightful data is here about the bequest arrange for why that is imperative and how that will help their family after their demise. The people groups who as of now make will before death their property conveyed to the relatives exchange to the relatives.

Reply



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