Citizens Federal Credit Union

Outrageous Prince Story No. 1999: No Will

by Rena Crispin, CUDE, CCUFC / May 10th, 2016

He was an otherworldly guitarist worth hundreds of millions of dollars who exhibited a gripping control over the intellectual property rights of his music, yet, when it came to his estate, Prince was just like most of us: He didn’t have a will.

His estate, along with his vault of never-heard-before music and the royalties from his trademarks, will be administered by a wealth-management firm.

It won’t be simple. His six siblings most likely will inherit what’s left of his estate after the federal and Minnesota state governments take more than half via estate taxes, known as “the death tax.” The potential for family issues is huge—chalk up more money for attorneys.

Unlike Prince, you’re still here and can decide who will be in charge of making sure kids, your precious memories, and your valuables make it into the right hands when you depart. That person is your executor—the person you name in your will.

It’s neither expensive nor complicated to make a will.

Get started

There are two easy ways to get started:

Keep in mind

It’s not that hard to make sure things happen the way you want them to. Don’t leave it to chance, because if you do, you’ll be letting the courts decide.

By not making these decisions yourself, not only could your heirs miss out on what is rightfully theirs, but as is the case with Prince, you put important decisions about the legacy of your life’s work in the hands of strangers.

NCUA Equal Housing Lender
Printed Thursday, June 20, 2019

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