Prince’s Estate is a Mess with No Will

Prince’s Estate is a Mess with No Will

I was just reading an article about Prince having no will and all of the things that will happen with his estate. It is estimated that Prince’s estate is worth somewhere between $300 to $500 million dollars. No will means the government will probably take close to half of his estate and they never sang one song. I cannot understand how someone as wealthy as Prince never thought about putting a will in place. You do not have to have Prince Type wealth to need a will for the things you cherish. This is especially true if you own a business.

Did you know that nearly two thirds of Americans die without a will in these modern times? I was reading these statistics this week about American’s dying without a will. It is a really scary the mess left behind by not having directions for their final wishes spelled out legally by not having a will. Do you really want some stranger, a judge, deciding who gets your property, or your children or your beloved pets? Without a will, this is your current scenario just like Prince. What a mess!

According to recent surveys, of the 64% of Americans that did not purchase a will, sited they “never got around to it.” More Americans have life insurance than a will, and Americans with life insurance, according to LIMRA, are under insured by 70%. What about death scares us so much that we don’t feel the need to take care of our loved ones after we die? Is it the cost? Is it thinking about death? Is it just taking the time?

We live in the information age. It has never been easier to purchase life insurance or a last will and testament online. In the time it takes to watch a movie on TV, a person could have their entire estate protected and the ones they love taken care of if the unthinkable happens and they die tomorrow.

If you wish to be like Prince, do it singing, dancing and writing, not leaving your estate a mess. Take the time to contact your agent and buy some life insurance and write your last will and testament online or with your attorney. Those you love will be glad you did some day.

“…we could all die any day”. —Prince

Image by digitalart at www.freedigitalphotos.net


Tim Wilhoit is owner/principal of Your Friend 4 Life Insurance Agency in Nashville, TN. He is a family man, father of 3, grandfather of 1, entrepreneur, insurance agent, life insurance broker, employee benefit specialist, salesman, sales trainer, recruiter, public speaker, blogger, author and team leader with over 29 years of experience in sales and marketing in the insurance and beverage industries.


22 Responses to Prince’s Estate is a Mess with No Will

  • Great and timely article Tim. 7 out of10 people do not have a will, and 9 out of 10 people of color…what’s the PC term these days…don’t have a will. As our attorney mentioned in a Will workshop, ” It doesn’t matter if it’s $10,000 or $10,000,000 you leave a a mess for your family, when you don’t have a will; and, there will be a fight over distributing the assets.”

  • Very true Consuelo and I appreciate you sharing.

  • This seems a very familiar tune. People work hard and invest time to build assets but seem unable to invest a few hours annually to make sure they properly review and control what they have labored for. To many it makes more sense to pay probate court’s and attorneys…..people they have no connection with…..and time moved on


  • It is vital that everybody with assets and family have a will & a trust. This mess that is happening, with Prince’s estate, obviously could have been avoided.

  • Does anyone know whether Michigan is a probate state?

  • Excellent article. Everybody needs a will and it ought to be updated every year or two. Do we really believe that the courts will have our best interests in mind when it comes to that day? I don’t think so. As professionals, we should encourage our clients to either get a will, or have it updated, when they get covered. It’s part of being a caring professional and showing concern for their families. Thanks for a great reminder with this timely article!

  • Total agreement Michael, thank you for sharing.

  • Great article…so sad that he did not have any kind of plan in place. Thank you for sharing your thoughts!

  • Unfortunately this happens more than most people realize especially with celebrities. Several examples: Paul Walker, James Gandolphini, Sonny Bono, and the list goes on. The biggest problem usually ends up being that approximately half of the wealth is lost to Uncle Sam.

  • Not having a will is a symptom, in this case, of something far more serious going on. Maybe there was a large life insurance policy in force to offset the estate taxes? If not, what planning was done and executed on to protect the estate assets from a number of threats? Prince’s assets and taxes will certainly be scrutinized by the best. Far more importantly, in my opinion, is that another celebrity seems to have been working with or talking with doctors offering to “treat” them on the patient’s terms. Would Prince be alive today if the clinic in California offered their services only on their terms, “with walls”? Maybe not; maybe Prince didn’t want anyone to know he was in trouble. The time is long past for the social stigma that still dogs mental illness and addiction issues to take anymore lives.

  • Everyone should have a will and a living trust. I do.

  • Once is not done. Review – review – review!!!

  • Posts like these are always interesting situations to hear about. S.Herrington this happens more than most people realize (he should have said) “not just celebs!” Nike used to advertise “Just Do It!” That’s what everyone should think when it comes to insurance and planning. Everyone will die (TBD) so why don’t more kids have a (very cheap) insurance policy? They are available. It’s the best time (lowest cost, generally healthiest time) to qualify.) Do most think premature death couldn’t happen in their family or what? Do you want to lose a family member and then add to that pain with an $8000 funeral expense besides? I’m preaching to the choir, but I read people owning life insurance is the lowest percentage in years. Isn’t that opportunity knocking?

  • People at all become levels should have a will so the estate will not go to probate and the state takes their share . It is all about estate planning

  • Don’t let this happen to you.

  • Will you make a Will, or Not make a Will ? That is the Question! Any Questions ?

  • Good information Tim Wilhoit. The annual Tellico Trout/Camping Trip is coming up weekend of May 19, 20, 21 & 22. People you know from Upper East TN…Jake Bowers, Scott Kelley, Dan Lawing, my two sons. Lisa Garland-Durham’s husband, Phil and her son Andrew. Many others. You should think about joining us. Bruce Von Almen, 615.594.2534 = cell or bruce.vonalmen@pnfp.com

    • Bruce, I am traveling then. Would love to join in and it sounds like fun, but I don’t believe I can swing it this year. Let me know about the next trip for sure. Thanks for letting me know.

  • This situation could have been avoided by simply doing this! ….Don’t let it happen to you! You should be the one who decides WHO gets WHAT!

  • Prime example that none of us know when our last day here is going to be. No one can predict their last breath, but we can ALL plan our estates. Don’t wait til the last moment, because your last moment isn’t waiting on you. Get your affairs in order and take care of those you love.

  • Another reason to meet with a professional today! If it could happen to Prince, what about you?

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