What Happened to Prince’s Inheritance?

What could possibly go wrong in this scenario? Prince, multi-millionaire with a 200-million-dollar estate, dies and no trust has been set up prior to his death. As of this past April, none of his heirs have inherited any portion — not even a penny — of his estimated $200 million estate. Without an Estate Plan (a trust is part of an Estate plan package), the process of settling his estate becomes much more complicated. The executor (manager) of his estate can’t divide the money among his six siblings until the IRS and the executor agree on the value of the estate when Prince died. The …

Tales of Horror from the CRYPT, uh, Probate Court.

As an attorney in Nevada, I’m required to take 12 hours annually of continuing legal education classes to maintain my license. I recently attended an 8-hour wills, trusts and probate class to knock out a good chunk of my requirements for the year. The instructor was very critical of attorneys that push living trusts going so far as to say that they are unnecessary for most people. While he was correct for very low asset estates, he was wrong as for most Americans. This is when I realized that he was primarily a probate attorney. Probate is a time consuming …