Prince and the Devolution
I recently returned from a road trip to Southern Utah. It's an amazing part of the country I had never seen before – Bryce Canyon, Fish Lake National Forest, and Pando, the largest living thing on Earth.
As well as sightseeing, with all that time on the open road, I listened to a lot of great music – including lots of Prince and the Revolution. When he died in 2016, the world lost an amazing artist. I was privileged to perform with the Denver Gay Men's Chorus at the tribute concert held for him at Red Rocks. It was an amazing experience.
Anyway, what's all this got to do with estate planning? Well, Prince was one of countless Americans who pass away every year without having made a will. One who dies without a will is considered intestate, and their assets are passed down according to state law. The process can take years. Prince died four years ago; his estate is still tied up in court, and his heirs have still not received anything from his estate, estimated to be between $200 to $300 Million.
I expect Prince, like many of us, did not want to think about his own mortality. But failing to plan for the inevitable can have severe consequences for your family. For someone as wealthy as Prince creating an estate plan would have been a complex project, but for those of us who aren't part of the 1%, creating a customized estate plan can be a quick, affordable undertaking.
Finally – Devolution?! That's just lawyer jargon for inheritance. Upon death, a person's property "devolves" to their heirs or devisees. I should probably apologize for that and leave the word-play to entertainers and songwriters.
When you're ready to get to work on your will, give us a call or schedule a free consultation.