According to a news report, the heirs of former rock star Prince have not yet received their inheritances. Prince had an estate worth approximately $200 million when he died. Florida residents may be interested in learning that Prince never established an estate plan. He never even wrote out his last will and testament. Consequently, settling the estate is stalled by the fact that the executor does not agree with the Internal Revenue Service (IRS) regarding the estate's actual value.
The state of Minnesota and the IRS have already received payments from the celebrity's estate. The executor of the estate has received about $5.9 million for fees and other expenses, which are expected to multiply in the future. The system may not seem fair, but people who die without creating legal wills or trusts may end up in similar predicaments, especially if they accumulated wealth. The counsel of an attorney may help someone develop a sound estate plan.
If a person's assets total a certain amount of money specified by the state, a probate court representative is appointed to take care of paying bills and distributing the remaining assets to the heirs. A probate court transfers the estate to the deceased party's beneficiaries. Nevertheless, probate is only effective if the deceased had created a will or trust. If the person did not create a final will, the state decides what to do with his or her estate.
A person can make an appointment with an estate planning lawyer to create a will or trust. An attorney can help someone focus on his or her wishes and ensure that they are properly executed. Designating beneficiaries ahead of time makes things easier for loved ones after someone dies.