The cause of Prince's death remains a mystery. The results of the autopsy are not scheduled to be released for another few weeks, but preliminary reports note that the musician was not the victim of foul play or suicide. As unfortunate as his early death is, it provides a number of estate planning lessons to fans throughout the country. Three of the more valuable take-away tips include:
One of the most interesting aspects about trusts is that they can provide additional instructions to the trustee. For example, a grantor may wish to pass along certain values, such as financial planning. His or her trust may further that goal by authorizing distributions to beneficiaries only for specified purposes, or perhaps limiting distributions to a monthly amount.
The access provided by the Internet has justly raised some privacy concerns. In the realm of estate planning, individuals may have more reason than ever before to avoid a public probate proceeding.
Estate administration is about more than just responding to creditors' claims against the estate. As a recent article reminds us, the number of administrative tasks may indeed seem overwhelming. For a loved one who has been named as an executor, we recommend that he or she consult with an estate-planning attorney for assistance.
Readers may be familiar with different types of trusts. The variety and flexibility of trusts make them an attractive option in estate planning. From avoiding probate to shielding assets from creditors or minimizing taxes, trusts can help individuals realize many different goals. A trust also allows the grantor to include conditions on how the assets or payments will be made to the trust's beneficiaries. In that sense, a trust can help pass on the grantor's values.