MINNEAPOLIS (WCCO) — Prince’s death has left questions about who will inherit his fortune.
Despite his international popularity, Prince led a private life when he wasn’t performing. So it hasn’t been made public whether Prince had a will.
And that got us wondering: What happens to your money if you don’t say where it goes? Good Question.
“If you don’t have a will in the state of Minnesota then in most cases you’re going to wind up going through probate,” said attorney Joel Mullen
Mullen is with the estate planning law firm Mullen and Guttman. He said if you die and you don’t have a will, the state of Minnesota will make one for you. It’s called “intestate succession.”
“Which means we just give all the assets to your dearest relatives,” said Mullen.
If you’re single and die without a will, your money would go to your parents. And if they’re deceased, it would go to your siblings.
If you’re married, your spouse would get your possessions. But if he or she is also deceased, the money would go to the kids.
To draft a legal will, you can write it yourself as long as you have two witnesses over the age of 18.
But Mullen said it’s not likely that a hand-written will would be recognized by the state.
“Minnesota has will formalities and that wouldn’t meet the will formality,” said Mullen.
Mullen said after a legal will is drafted the signatures should be notarized.
Here’s something to keep in mind if you’re making a will or already have one: You can’t write your spouse out of your will. You can, however, disinherit your children.
Prince did not have a wife or children, and because of his popularity, Mullen said he likely had a trust made not a will.
A trust would be more expensive but would also be more private.