Prince’s lack of will highlights why you need one

May 23--HIGH POINT -- Local attorney Grant Almond was shocked, along with millions of music fans across the world, when the superstar Prince died last month, but his surprise carried over into his profession.

As a lawyer who helps clients with estate planning, Almond said he was taken aback that Prince apparently never crafted a will. Legal analysts have said the lack of a will could lead to confusion -- and in the worst case chaos -- as the courts resolve Prince's estate valued at potentially more than $250 million to $300 million.

"I've read about how protective he was about his music and how it was released and distributed. It seems like he would want to have a plan in place for what happens after he's gone. That was the most surprising aspect for me, " said Almond, a partner with the local law firm Keziah Gates.

In a sensational but sobering way, Prince's apparent lack of a will shows the importance of having a document in place before you die to determine how your belongings and assets are distributed, Almond said.

Whether someone has wealth approaching the level of Prince or is middle class, the lack of a will brings unwanted complications resolving an estate, Almond told The High Point Enterprise.

"The first issue you encounter is identifying who the beneficiaries of your estate will be," he said. "In North Carolina, if you die without a will, there's a statutory will that's made for you. Most folks will find that the statutory resolution is not the one they would choose for themselves."

For example, a statutory will would divide up someone's assets evenly among the spouse and children.

"In my experience, most folks would want to pass the majority of their assets directly to their spouse and only to their children if something happened to their spouse," he said.

Also, as may happen with Prince's estate, the lack of a will may bring out people who seek to claim money or assets that don't abide by the wishes of the deceased, Almond said.

One of the main deterrents to people crafting a will is that they don't want to contemplate their own demise, Almond said. Cost shouldn't be a factor for most people.

"Most folks, even of modest estates, can have a will done for a reasonable fee. It would save their family time and expense on the back end," he said. "If there's not a plan in place, a family will spend more time and money trying to remedy that."

Attorneys can prepare a will for a client for a flat fee, said Amy Kincaid, a member with the law firm Schell Bray out of Greensboro.

"Usually they are going to want to get an idea from the client as to their needs before they quote a fee," said Kincaid, chairwoman of the N.C. Bar Association estate planning and fiduciary law section.

Many people don't prepare wills because it's easy task to put off during the prime of life. But someone's family could endure difficulties if a loved one dies without one, she said.

"One of the big incentives for people to plan is when they have minor children. They want to provide for them," Kincaid said.

[email protected] -- 336-888-3528 -- @HPEpaul

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