A. It's estimated that Prince has a net worth of at least $300 million, if none of his advisers end up turning up a will that Prince made prior to his death, this great oversight in his legacy planning will be very costly and frustrating.
Why do you need a will even if you are not Prince?
Because a simple will could go a long way toward avoiding headaches and tax complications for the loved ones you left behind when you die!
A will specifies how your assets will be distributed among your family members and charities. If you don't have a will, your state law will take over, you essentially defer to a probate court to distribute your assets. This opens door to potentially costly legal contention among your rightful heirs, and even someone whom you would never intended to benefit from your lifetime hardwork, because any third party could petition the court by filing a claim to your estate and hoping to receive a share!
So, is there an easy, or free way, to create a will? Yes, we will discuss in our next blogpost.