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Prince passed away without an estate plan and now musicians rethink the future.

Following the death of Prince, Billboard has published an article “Avoiding The Prince Syndrome: A Primer On Estate Planning,” which includes some guidelines for musicians looking to protect their heirs with an estate plan.

Among the tips are:

  • Hire a good estate attorney and a good music attorney – You do not want to plan a complicated estate on your own, so get competent help.
  • Create a will – This should be a basic document that details to whom your property should go if it is not covered elsewhere in your estate plan.
  • Consider getting a trust – This can be used to keep your estate out of the public eye and as a vehicle for managing your assets after you pass away.
  • Get Powers of Attorney – These documents will allow a trusted person to handle your affairs if you become incapacitated and cannot do so.
  • Organize your financial accounts – Make sure that all of your bank accounts and retirement accounts have designated beneficiaries.
  • Appraise intellectual property rights – Get professionally estimated values for any copyrights that you hold.
  • Create an outline – An outline of what you have and what is supposed to happen to it will assist your estate in handling everything after you pass away.

Even if you are not a musician, it would be wise to consult with an estate planning attorney for guidance on protecting your heirs and passing on your assets.

Reference: Billboard (Aug. 8, 2016) “Avoiding The Prince Syndrome: A Primer On Estate Planning,”

For more information on asset preservation and estate planning, please visit my estate planning website.

Mr. Amoruso concentrates his practice on Elder Law, Comprehensive Estate Planning, Asset Preservation, Estate Administration and Guardianship.