Prince passed away without an estate plan and now musicians rethink the future.
Following the death of Prince, Billboard has published an article “Avoiding The Prince Syndrome: A Primer On Estate Planning,” which includes some guidelines for musicians looking to protect their heirs with an estate plan.
Among the tips are:
- Hire a good estate attorney and a good music attorney – You do not want to plan a complicated estate on your own, so get competent help.
- Create a will – This should be a basic document that details to whom your property should go if it is not covered elsewhere in your estate plan.
- Consider getting a trust – This can be used to keep your estate out of the public eye and as a vehicle for managing your assets after you pass away.
- Get Powers of Attorney – These documents will allow a trusted person to handle your affairs if you become incapacitated and cannot do so.
- Organize your financial accounts – Make sure that all of your bank accounts and retirement accounts have designated beneficiaries.
- Appraise intellectual property rights – Get professionally estimated values for any copyrights that you hold.
- Create an outline – An outline of what you have and what is supposed to happen to it will assist your estate in handling everything after you pass away.
Even if you are not a musician it would be wise to consult with an estate planning attorney for guidance on protecting your heirs and passing on your assets.
Reference: Billboard (Aug. 8, 2016) “Avoiding The Prince Syndrome: A Primer On Estate Planning,”