As those of you who do not live under a rock know, Prince (who is also known as the artist formerly known as Prince) passed away last week of unknown causes. He was 57. I get asked all time – “When is the right time to get my estate planning affairs in order?” According to this report, his purple-ness did not have even a basic will. The article leaves open the possibility that he could have filed his will privately with a court or had a trust. However, it appears all his real estate holdings were titled in his own name, making it unlikely he had a living trust. He may have had a testamentary trust (link to an article I’ve written previously about testamentary trusts.
So when is the best time to get your estate plan done? Before you can’t.