Richard A. Lindsey, CPA

Lindsey & Waldo, LLC – Certified Public Accountants

  • Aug 18

    It took more than a year following his death for a judge to confirm that Prince’s six siblings were his rightful heirs. Reportedly, more than 45 people came forward claiming to be his wife, children, siblings, or other relatives.

    Last year, the legendary artist passed away at age 57 leaving behind not only a treasure trove of music and dance, but a $250 million fortune, as well. What he didn’t leave behind was a will or estate plan.

    You may not have people clamoring after your money, but it’s still important to consider hiring an expert to sort through the complicated process of estate planning. We’ve all seen the ads for DIY legal documents, including wills and trusts. And the law does not require you to hire an attorney to prepare your will. But, even the highest ranking jurist of his time, Supreme Court Chief Justice Warren E. Burger, should have relied on estate planning experts to prepare his estate plan. Apparently, Chief Justice Burger typed his own will. The will only contained 176 words but several typographical errors and, more importantly, the will failed to address several issues that a well-drafted one would typically cover. His family paid over $450,000 in taxes and had to seek the probate court’s permission to complete administration tasks like selling real estate.

    To be better prepared than Prince or Chief Justice Burger, seek out the assistance of an attorney and a CPA. Together they can guide you through the unknown of estate planning and will preparation so that your heirs receive what you expect.