By Jan Cullinane
Consider Prince’s untimely passing: hedied single (he was twice married and twice divorced), his parents pre-deceased him, and he had no living children. Prince’s
estate is valued between $150 and $300 million.
Although Prince’s circumstances are probably
a little di;erent from the typical single person
(especially the value of his estate!), one thing is
the same: since Prince apparently died without
a will, his estate will be divided up according
to the laws of the state in which he lived,
Minnesota. What if Prince had a minor child
but the other parent had passed away? A will is
the primary vehicle for naming the guardian of
your children and providing for them.
With that cautionary tale, don’t you want
to be the one who decides what happens when
you’re gone? Let’s look a little closer at wills.