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As Prince’s family disagrees as to what to do with his fortune, because he failed to prepare a will, we are reminded of the importance of making arrangements outlining our wishes. If Prince wrote a will, he would have appointed the person he wanted to be placed in charge of handling the estate.  Instead, a Bank has been appointed by the Court. A will would also have detailed how he wanted his assets to be split up and to whom. There would have been details as to which individuals he wanted to inherit precious artwork, or even cherished family heirlooms. While it appears not to be an issue in Prince’s case, a will is also where parents will list the individuals they want to be the guardians of their children, should anything happen to both parents.

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Iggy McDonald

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