When no Will can be very expensive, especially for a Prince

The musician Prince died on the 21st of April 2016 and because no Will was found, Minnesota (USA) probate law determined Prince’s heirs.

In 2017, the law firm that works for Comerica Bank and Trust, Fredrikson & Byron were appointed to handle the administration of Prince’s estate.

Legal proceedings were then started because three of Prince’s heirs have asked for the billing practices of the law firm to be reviewed as they allege that this is " draining the late musician's bank account, leaving little to pass on to the beneficiaries"

To date the legal expenses are already more than £4million and forecast to cost more than £1 million a year.

The current petition questions the law firm’s billing practices and their numerous entries of small sums of money, making it difficult for the family and beneficiaries to see that Comerica’s management is benefiting the estate at hand.

This case illustrates the importance of writing a valid Will. Without it you risk extra expense and your assets being inherited in a way that does not reflect your wishes and may cause family disputes at an already difficult time.

Also, choose your Executors wisely and have substitutes!

Comments are closed.