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Appleton estate planning attorneys, Prince's death, absence of a willThe death of the iconic music mogul, Prince, may have been a tragedy for more than just his fans. The possible lack of a will may leave the fate of his estate up in the air, create conditions for a long, drawn-out family battle, and may even significantly diminish the overall worth of what many fans would consider priceless items. In short, the next several months could serve as a cautionary tale of what could happen in the absence of a will.

Valuation of the Estate

Prince's estate includes extensive property in the Minneapolis area (value unknown), the proceeds from at least 650, 000 sold music albums and 2.8 million tracks, copyrights for written songs, and the legendary “vault” of unreleased recordings. Forbes magazine estimated his net worth at $49.7 million before taxes in 2005; however, the worth could be much higher now that he is gone.

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Appleton estate planning attorney, every parent needs a willOnly about one-half of all Americans have a will. For some, it is simply a matter of assuming that they have time to create one later. For others, it is a process that they associate with excessive wealth. Unfortunately, both of these assumptions can be untrue, and parents of young children, regardless of whether they also have wealth and assets, are often the ones with the most to lose in the absence of this crucial legal document.

Who Will Care for Your Children?

Parental instinct may include trying to plan for everything. Parents set up college funds and baby-proof their houses, interview babysitters and preschools, and even decide where to live based on neighborhood statistics and school performance. Despite all of this, few parents stop to consider what will happen to their children if they were to die unexpectedly or become incapacitated as a result of an accident or other event. Even fewer parents take action to ensure that their wishes are made known and carried out.

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