Another near catastrophe in the saga of the estate of deceased superstar Prince has emerged. The probate procedures in that litigious estate will generally be the same as they would be in Texas, so that The estate administration problems regarding Prince's estate can be instructive. The problems are all because Prince did not engage in estate planning and did not even make a will to guide the disposition of his assets.
Estate administration for Prince continues with muddled issues
Estate planning awareness is observed nationwide this week
October 17 to 23 marks the observance of National Estate Planning Awareness Week. The purpose is to assist the public in Texas and nationwide in understanding and appreciating the importance of estate planning to one's overall financial plan. Polls show that almost half of the public believes that estate planning is only for a small class of very wealthy people.
Lack of estate planning now may lead to family problems later
Many people in Texas may have read news this past summer concerning the death of pop superstar Prince and the fact that he died without an estate plan. Of course, no one knows the reasons for this; however, in the past, many have said they avoid estate planning discussions because they do not like to think about their own mortality. Not taking time to craft a thorough plan may lead to family problems in the future.
Without estate plans, beneficiaries may be denied digital assets
Advancing technology has changed many aspects of daily life. The way people in Texas work, learn, shop and entertain themselves have all been altered by the internet. Because use of the internet may place a person's privacy and safety at risk, laws were made to protect people's online accounts from intruders. Unfortunately, those same laws may cause frustration for fiduciaries and beneficiaries if access to them is not granted before a person dies.
