People can learn a lot from Prince’s estate and the fact that he did not have an estate plan. Perhaps, most importantly they can learn how costly the lack of an estate plan can be.
There are several reasons why people decide not to get estate plans. One of the more common reasons is that people think that getting an estate plan is too expensive.
Attorneys’ responses to that reasoning are often taken as self-interested and thus fall on deaf ears. However, estate attorneys who were truly acting out of their own financial self-interest would normally dispense the opposite advice and tell everyone not to get an estate plan.
The reason for this is illustrated in Prince’s estate as TMZ reports in “Prince Lawyers Haul in Millions off Death.”
The estate administrator has submitted a legal bill for the court’s approval. It is requesting that the estate pay legal fees in the amount of $2.3 million to various attorneys who have worked on the case so far. The requested fees only cover work done between July 1st and September 30th. Since administering the estate is nowhere close to being finished, the final legal bill will be much more than that.
With an estimated worth of at least $200 million, it was known that it was going to be expensive to handle Prince’s estate. However, it would have been far less expensive, if the musician had taken the time to get an estate plan.
For only three months, of what certainly will be a long process, the legal fees alone have already eaten up 1% of the estate’s value.
That is a costly mistake.
Reference: TMZ (Dec. 1, 2016) “Prince Lawyers Haul in Millions off Death.”
“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”
Cindy and her company treat their clients like family. Nelson’s offers clear, direct, and honest guidance in planning for your families security and future. No one wants to actively sit down and make these decisions, but Nelson’s makes this process seamless. I was so impressed with their willingness to answer all questions big or small. So glad I made the decision have them help my mom and dad and now me. You can’t go wrong with Nelson’s Elder Care Law.
The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!
I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.
Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.