While the death of Prince reveals the need to leave a will many may be looking to write wills in the wrong places.
By now it appears highly unlikely a will or estate plan will be found following the death of rock star Prince. Many Americans are now looking to write their wills but may not be taking the best course of action, according to Private Wealth in “Dearly Beloved: Prince’s Death Prompts Uptick In Wills.”
While it is good that people are learning from this tragedy and getting wills, a look at the source of the data is cause for concern. The data is from online services that sell downloadable wills and other estate planning forms. Independent experts who have looked at these types of forms in the past have all drawn the same conclusions. These forms tend to be only useful for the most simple of estates and often cause more problems than they are worth.
People who use these forms might actually be costing their estates more money in the long run. It is cheaper to have an attorney draft a will than it is to have an attorney sort out problems with a bad will in probate court.
Do seek inspiration from Prince’s death and get a will.
Downloading a form to fill out in writing a will may be one route to take but it might be wiser and less expensive in the long run to visit with an estate planning attorney.
Reference: Private Wealth (May 24, 2016) “Dearly Beloved: Prince’s Death Prompts Uptick In Wills.”
