You can’t live in Minnesota and be unaware that pop/soul/rock icon Prince passed away at the age of 57 last week. Did Prince–whose net worth is thought to exceed $300 million–have an adequate estate plan? We don’t know for sure yet, but his sister thinks not. Today, Prince’s sister Tyka Nelson filed a motion for appointment of a special administrator to manage Prince’s estate, claiming that she is unaware of the existence of a will. A copy of the motion can be found here: Tyka Nelson Petition
You don’t need to be a multimillionaire to need a good estate plan. Everyone should have a will, a power of attorney, and a health care directive. These documents will ensure a smooth transition for your family members and loved ones in the event of your unexpected or untimely incapacity or death.